MONEYMAP 014: Medishield Life VS Eldershield? (Transcript)
All of you have medishield Life,
Have you wondered why do you still need an Eldershield?
Well, Medishield Life is a Basic Hospitalisation Plan that covers your hospital bills.
Basic Eldershield scheme, is a severe disability plan that provide you with a continuous stream of income, should you become severely disabled.
Exactly Yvonne, so for instance if a person was to be hopsitalised,
then a portion of his bills would be covered by medishield life
On the other hand, if the person was to be severely disabled,
then he will receive a sum of money every month through Basic Eldershield
In Summary, Medishield Life is a reimbursement plan
And Basic Eldershield scheme is a Cash Payout plan.
That said, of course these 2 plans have common features.
3 key pointers in fact,
#1, all Singaporeans and PRs (with a Medisave Account) would be auto-enrolled into
Medishield Life and Basic Eldershield
Yes Jiale, just take note that Basic Eldershield scheme only starts at age 40
Another similarity that these 2 plans share is that both premiums are fully payable by medisave.
Exactly, that means no cash is needed.
And the best part is that both plans cover you for LIFE.
Ya so if you are wondering what's the payout criteria,
how much money can you get out of Basic Eldershield scheme,
Should you upgrade to get more money,
then i say stay tune for our next video to find out more,