MONEYMAP 016: Why Upgrade Eldershield? (Transcript)
This is part 3 and the final part to the Eldershield series.
The first 2 videos have garnered overwhelming response,
so if you haven't watched them yet, we would strongly encourage you to do so.
I'm sure most of you would agree, that in the event of severe disability,
like not being able to get out of bed,
or feed yourself,
or do basic toileting,
Receiving a payout of just $400/month for 6 years,
is unlikely to be sufficient
Yes Yvonne, this is where the Eldershield supplement comes in to help you increase the amount of the payout, and the duration of the payout.
So i understand Yvonne, that you have done your own Eldershield upgrade,
Can u show us how it is done?
Just before i turn 40 earlier this year i actually received a welcome letter informing me that
i am automatically enrolled into Basic Eldershield 400 scheme,
This means that in the event of severe disability,
i would receive $400 a month, for maximum period of 6 years
The premium that i have to pay is $217.76, and this is annually from my medisave account
Ok Yvonne so i understand that this is the Basic Eldershield component,
So what did u upgrade to?
So in our medisave account, there is annual withdrawal limit of $600 for us to utilise for Eldershield Supplement
So i upgraded myself to receive $1,200/month, for a premium of just $554.85 per year, payable from my medisave account.
But you know what Jiale, the best part is that the $1,200/month pay out is for lifetime,
so i don't have to worry running out of monetary support when i'm severely disabled.
I see, so no cash is needed?
That's correct Jiale, absolutely no cash is required from me
Yvonne, how about 40 year old males?
For males who enroll at 40 years old, they will actually be able to receive up to $1,600/mth,
and the premium is $589.89.
Likewise, payout is for LIFETIME
Through our engagements with our friends, we received some hot questions regarding Eldershield
#1 Am i already enrolled into Eldershield?
#2 Which insurer am i enrolled under?
#3 Have i already upgraded my Eldershield?
So here's a quick step-by-step guide, prepared just for you
Step 1: Log into your CPF Account via SingPass
Step 2: On the left side menu, click on my messages
Step 3: Scroll down and look for the section titled: Healthcare
and there you shall find your answers.
We hope you've found our Eldershield Series to be very useful,
please share the video with your friends,
If you have any questions, or you would like to upgrade your Eldershield plan,
do leave us a comment and we'll reach out to you
Thank you for watching, and see ya!