SINGAPORE: Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims.
This was Health Minister Gan Kim Yong’s parliamentary response to a question by Member of Parliament for Nee Soon GRC, Louis Ng on Monday (Apr 4).
“As at end 2015, there were 1.2 million ElderShield policyholders, or about 65 per cent of the resident population aged 40 to 83,” said Mr Gan in a written reply.
ElderShield is an insurance scheme that provides basic protection against the costs of long-term care arising from severe old-age disability. Depending on the policyholder’s plan, the scheme provides cash payouts of either S$300 a month for up to five years, or S$400 a month for up to six years.
To ensure participation in the scheme is made as easy as possible, all Singapore Citizens and Permanent Residents with Medisave accounts are automatically covered under ElderShield at the age of 40, unless they choose to opt-out.
Mr Gan said his ministry will continue to review the processes for ElderShield sign-up, premium payment and claims, to help people with the processes and their long-term care needs.