Secure the care you need in the event of long-term disability

Did you know, in Singapore, it can cost approximately S$2,300 a month to stay in a nursing home? Though it is hard to put a value on life, the health and well-being of your loved ones and yourself can come at a cost. While one may hope for the best, it is always wise to prepare for the worst and this includes the reality of needing to prepare for long-term care.

Long-term care can be provided in day care centres, nursing homes or by a live-in caregiver, but the costs of such services are high. Ensuring you are sufficiently prepared to shoulder these expenses is part and parcel of life, and a top priority for anyone approaching their 30s even as they embark on new milestones in life.

UNDERSTANDING THE ACTIVITIES OF DAILY LIFE

A key concern when seeing to the care of those with conditions such as disability is ensuring they can live their daily lives and have all fundamental necessities met.

Unexpected circumstances, such as accidents or medical conditions, can arise at any time – regardless of age and lifestyle. It can be easy to dismiss the possibility that disability can happen to younger folks but even simple injuries such as fractures can cause mild disability. These situations can result in the inability to independently carry out basic day-to-day activities, or activities of daily living (ADLs).

ADLs comprise six activities that cover the basic needs of everyday living: Washing, dressing, feeding, toileting, walking or moving around, and transferring. Those who need long-term care typically require assistance for ADLs.

Mid-career individuals, especially those with new or growing families, also need to consider the possible loss of income that comes with extended periods of disability – and factor the potential impact it can have on both oneself and loved ones alike.

EXPLORING FRESH AVENUES FOR SUITABLE PROTECTION

Long-term care plans are specifically structured to help one stay prepared for the future and ensure that you have the care you need for a lifetime. For those looking to enhance long-term care coverage, GREAT CareShield is an option. The plan can be easily purchased online through OCBC Bank within 10 minutes, and is underwritten by Great Eastern, a member of the OCBC Group.

GREAT CareShield affords individuals comprehensive, flexible protection with payouts that commence should any disruption to everyday living occur. It is the only Medisave-approved plan that gives you up-to-lifetime payouts if you are unable to perform any single ADL¹. Your annual premiums will also be waived if you are unable to perform one ADL¹.

In contrast, the mandatory CareShield Life government insurance scheme offers up-to-lifetime payouts only when the individual is unable to perform at least three ADLs, while other CareShield Life supplement plans in the market call for at least two ADLs².

LIFEPROOF FOR PEACE OF MIND

Disability is often associated with potentially high medical and caregiving expenses. For those hitting their 30s or 40s, the stakes are even higher, as the inability to work or take care of yourself can impact both your finances and family.

For example, the expenses associated with long-term care can accumulate steadily while one recovers, which may develop into a financial burden that weighs over a family – particularly with one less income source. Moreover, not being able to afford a caretaker will place the burden of care on immediate family members, which can be a physical and emotional strain over extended periods.

To alleviate your burden, GREAT CareShield supplements your CareShield Life's starting monthly payouts of S$600 (based on 2020). This allows you to have more comprehensive, up-to-lifetime coverage in addition to the government long-term care insurance scheme, whether it be CareShield Life or ElderShield.

The plan also offers additional monthly benefits to support caregiving expenses and children when you are certified to be unable to perform two or more ADLs¹, giving you greater peace of mind during your recovery. 

When planning for your future, it is important to consider the resources available to you and maximise them to structure a gameplan that fits your unique needs. For one, you may use up to S$600 from your MediSave account to pay your annual premium and minimise your out-of-pocket costs.

From now till Jun 30, 2022, enjoy a 20 per cent discount throughout your entire policy term. Apply for GREAT CareShield now and your annual premium will not increase with age³.  

Apply for GREAT CareShield online through OCBC Bank or OCBC Digital app and learn how it can help you and your loved ones better prepare for disability over the long term. You may also visit any OCBC branch to find out more.

¹ You can only claim the benefits if you are unable to perform the ADLs after a 90-day deferment period starting from, and inclusive of, the date of your disability assessment.

² This comparison does not include information on all similar products. Great Eastern does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for similar products. Visit careshieldlife.gov.sg for more information.

³ Premiums are not fixed and may be adjusted by Great Eastern. 

Terms and conditions apply.

GREAT CareShield is provided by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group. This plan is not a bank deposit and OCBC Bank does not guarantee or have any obligations in connection with it.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required. For more information on the types of benefits covered under the scheme as well as the limits of coverage, visit the Life Insurance Association (LIA) or SDIC websites.

This is only product information provided by OCBC. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.