In a world where Singaporeans enjoy the longest life expectancy globally at 84.8 years, it's crucial to consider the potential need for long-term care as we age. Did you know that 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime? Even more concerning, about 3 in 10 could remain in severe disability for 10 years or more. These statistics highlight the importance of planning for potential long-term care needs.
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Care Secure is a supplement to your CareShield Life plan, designed to provide enhanced protection for your long-term healthcare needs. Offered jointly by Prudential and Income, this plan aims to give you greater health security with lifetime coverage and comprehensive benefits.
Care Secure provides a lifetime monthly payout if you become disabled. This benefit is activated if you're unable to perform at least two of the Activities of Daily Living (ADLs).
If you become disabled, your future premium payments for this policy will be waived, giving you one less thing to worry about during a challenging time.
To help you on your recovery journey, Care Secure offers a support benefit of up to 600% of the disability benefit.
If you become disabled and have at least one dependant, you'll receive an additional 25% of the disability benefit every month for up to 36 months in your lifetime.
In the event of your death while receiving disability benefits, Care Secure will pay 300% of the disability benefit to your beneficiaries.
You can use up to S$600 from your MediSave account per calendar year to pay for your Care Secure premiums.
Let's look at two scenarios to understand how Care Secure provides greater coverage:
Ms. Wong, age 32, supplements her CareShield Life with Care Secure, choosing a monthly disability benefit of S$1,500. At age 33, she's in a serious accident and becomes moderately disabled. Total payout: S$274,500, with monthly payouts continuing as long as she remains disabled.
Mr. Sim, age 40 with two young children, supplements his CareShield Life with Care Secure, choosing a monthly disability benefit of S$1,800. At age 44, he suffers a stroke and becomes severely disabled. Total payout: S$248,400
Care Secure is available to Singapore Citizens and Permanent Residents aged 30 to 64 years old (last birthday) who have an existing CareShield Life plan. You can choose monthly benefit levels from S$1,200 to S$5,000 in multiples of S$100.
There's a waiting period during which no claims are paid except those resulting from accidents.
To claim under Care Secure, you need certification from an approved assessor that you're suffering from disability.
There's a 90-day deferment period from the claim date before benefits are paid.
If you recover from disability but become disabled again from the same cause within 180 days, the deferment period is waived for the new claim.
The maximum support benefit is 600% of the disability benefit. If you recover from moderate disability and become moderately disabled again, this benefit isn't paid a second time.
This benefit is paid for up to 36 months in your lifetime. If a child dependant ages out during the benefit period, payments continue until your death or recovery.
Lifetime Coverage: Provides protection throughout your life
Comprehensive Benefits: Offers disability, support, dependant, and death benefits
MediSave Usage: Allows use of MediSave funds for premium payments
Premium Waiver: Waives future premiums if you become disabled
Flexible Benefit Levels: Choose a monthly benefit level that suits your needs and budget
Waiting Period: Initial waiting period where claims aren't paid unless due to accidents
Deferment Period: 90-day deferment period before benefits are paid after a claim
Limited MediSave Usage: Only up to S$600 per year can be used from MediSave
Age Limit: Only available for those aged 30 to 64
Requires CareShield Life: You must have an existing CareShield Life plan to be eligible
Care Secure could be a good fit if:
However, it might not be suitable if:
As Singaporeans live longer, the risk of needing long-term care increases. Care Secure offers a way to enhance your CareShield Life coverage, providing additional financial protection against the costs of long-term disability. With its comprehensive benefits and lifetime coverage, it can offer peace of mind for you and your loved ones.
However, like any financial decision, it's crucial to carefully consider your personal circumstances, needs, and budget before purchasing Care Secure. Consulting with a qualified financial advisor can help you make an informed decision about whether this plan is right for you.
Remember, the best insurance plan is one that fits your specific needs and provides you with the protection you require at a price you can afford. Take the time to understand the details of Care Secure and how it fits into your overall financial and healthcare planning.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on long-term care insurance. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your long-term care needs. Don't leave your future care to chance – get the expert advice you deserve today.
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