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.

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.

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

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:

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

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

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)

2. Contact Income Insurance Limited or speak with a financial advisor

3. Complete the application process

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) .

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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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your future needs. Don't leave your long-term care planning to chance – get the expert advice you deserve today.