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PrimeShield: Enhancing Your ElderShield Coverage for a Secure Future

As we age, the possibility of requiring long-term care due to severe disability becomes a growing concern. Did you know that in Singapore, 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime? This sobering statistic highlights the importance of having comprehensive long-term care insurance. If you're looking for a way to strengthen your Basic ElderShield coverage, PrimeShield might be the solution you've been searching for.

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What is PrimeShield?

PrimeShield is a supplement to your Basic ElderShield plan, designed to provide more comprehensive and longer-term coverage for severe disability . It enhances your existing ElderShield benefits by offering higher monthly disability payouts and lifetime coverage, ensuring you're better prepared for the challenges that severe disability might bring.

Key Features That Make PrimeShield Stand Out

Higher Monthly Disability Benefit

Provides a higher monthly payout if you become severely disabled. Benefit amount depends on the level you choose, ranging from $500 to $3,000 per month.

Guaranteed Lifetime Payout

Continues to pay benefits even after your Basic ElderShield benefits are exhausted . Provides financial support for as long as you remain severely disabled.

Lump Sum Benefit

Offers a one-time payout equal to 3 times your chosen monthly disability benefit. Helps cover initial costs associated with severe disability.

Dependant Care Benefit

Provides an additional 25% of your chosen monthly benefit for up to 36 months. Helps ensure your dependants under 21 are taken care of if you become severely disabled.

Get-Well Benefit or Death Benefit

Offers a one-time payout equal to 3 times your monthly benefit if you recover from severe disability or pass away while receiving benefits.

Medisave-Approved

Allows you to use up to $600 from your Medisave account per year to pay premiums .

Why compare Income PrimeShield with other Hospital (ISP) options through Whatins?

Traditional Approach

  • Only see options from advisor's preferred insurer
  • Limited comparison with MediShield Life integration
  • May push specific ward classes without full context

Whatins Advantage

  • Compare how different plans integrate with MediShield Life
  • See actual bill coverage differences between insurers
  • Get multiple perspectives on public vs private coverage
  • Understand ward class options across insurers

What Does PrimeShield Cover?

If you're unable to perform at least 3 of these activities independently, you would be considered severely disabled and eligible for PrimeShield benefits.

  • Washing

  • Dressing

  • Feeding

  • Toileting

  • Mobility

  • Transferring

How Much Coverage Do You Get?

The coverage amount depends on the monthly benefit level you choose when purchasing PrimeShield. You can select a monthly benefit from $500 to $3,000 . Here's an example of how it works:

Let's say you choose a PrimeShield plan with a $1,000 monthly benefit:

  • Monthly Disability Benefit: You'll receive $1,000 per month for as long as you remain severely disabled. This is in addition to your Basic ElderShield benefit.

  • Lump Sum Benefit: You'll receive a one-time payout of $3,000 (3 times your monthly benefit).

  • Dependant Care Benefit: If you have dependants under 21, you'll receive an additional $250 per month (25% of your chosen benefit) for up to 36 months.

  • Get-Well or Death Benefit: You'll receive a one-time payout of $3,000 if you recover from severe disability or pass away while receiving benefits.

How Does PrimeShield Work with Basic ElderShield?

PrimeShield is designed to complement your existing Basic ElderShield coverage. Here's how they work together:

For Basic ElderShield 300 policyholders:

  • Basic ElderShield pays $300 per month for 60 months
  • PrimeShield pays the difference between your chosen benefit level and $300 for the first 60 months
  • After 60 months, PrimeShield pays your full chosen benefit amount

For Basic ElderShield 400 policyholders:

  • Basic ElderShield pays $400 per month for 72 months
  • PrimeShield pays the difference between your chosen benefit level and $400 for the first 72 months
  • After 72 months, PrimeShield pays your full chosen benefit amount

Real-Life Scenario

Let's consider Mr. Tan, who has Basic ElderShield 400 and chooses PrimeShield with a $1,000 monthly benefit:

1. If Mr. Tan becomes severely disabled:

  • For the first 72 months, he receives $400 from Basic ElderShield and $600 from PrimeShield, totaling $1,000 per month
  • From the 73rd month onwards, he receives $1,000 per month from PrimeShield for life
  • He also receives a lump sum of $3,000 when he first qualifies for benefits

2. If Mr. Tan has a child under 21:

  • He receives an additional $250 per month for up to 36 months

3. If Mr. Tan recovers or passes away while receiving benefits:

  • His family receives a one-time payout of $3,000

Eligibility and Enrollment

PrimeShield is available to Singapore Citizens and Permanent Residents aged 40 to 64 who have an existing Basic ElderShield plan. You can only purchase one PrimeShield policy .

To enroll:

  1. Decide on your desired monthly benefit level (from $500 to $3,000)
  1. Contact Income Insurance Limited or speak with a financial advisor
  1. Complete the application process

Premiums and Payment

Premiums for PrimeShield vary based on your age, gender, and chosen benefit level. You have the flexibility to pay your premiums using cash or your Medisave account (up to $600 per year) .

Pros and Cons

Pros

  • Enhances your Basic ElderShield coverage

  • Provides lifetime benefits for severe disability

  • Offers additional benefits like dependant care and lump sum payouts

  • Allows use of Medisave for premium payments

  • No medical underwriting required

Cons

  • Only available to those with existing Basic ElderShield plans

  • Premiums may increase with age

  • Coverage is limited to severe disability (unable to perform 3 out of 6 ADLs)

Frequently Asked Questions

Can I change my benefit level after purchasing PrimeShield?

You should check with Income Insurance Limited about options for adjusting your coverage.

What if I'm not sure if I have Basic ElderShield?

You can check your CPF statement or contact the CPF Board to confirm your ElderShield status.

Is there a waiting period before I can claim benefits?

There's typically no waiting period, but you should verify this with Income Insurance Limited.

How do I make a claim?

Contact Income Insurance Limited as soon as possible if you become severely disabled. They will guide you through the claim process.

Can I cancel my policy if I no longer need it?

Yes, you can cancel your policy, but you should consider the long-term implications carefully before doing so.

Conclusion

PrimeShield offers a valuable enhancement to your Basic ElderShield coverage, providing higher benefits and lifetime protection against severe disability . With its comprehensive features and the ability to use Medisave for premiums, it can be an excellent addition to your long-term care planning.

However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and existing coverage before making a choice. While PrimeShield offers significant benefits, it's important to understand that it's designed specifically for severe disability and may not cover all potential long-term care needs.

Remember, the best insurance plan is one that fits your specific circumstances and gives you peace of mind. If you're considering PrimeShield or any other long-term care insurance, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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