ElderShield Upgrade Checklist (Limited Premium Payment and Lifetime Payout Option Only)
This checklist will help you to discover how much additional coverage you can buy without using cash.
As a CPF member, you are entitled to use $600 a year from your Medisave account to purchase an upgrade plan for your ElderShield. However, from the 3 insurers that provide this upgrade option, there are many features to consider such as:
- Lump Sum Payout
- Rehabilitation Benefit
- Lifetime Payout
- Limited Year Payout
- Lifetime Premium
- Limited Premium Option
And many more.
If you have not read our article on ElderShield, do read it up here.
On the surface, it can be quite confusing. Yet, if you consider it carefully, the main trade-offs are only between the amount of premium you are willing to pay, how much monthly payout you want and how long you want to pay the premium (if you have a choice).
Thus, this checklist is designed to help you find the “sweet spot” of upgrading to the maximum amount of cash payout and having the premium payment limited to only a fixed number of years instead of lifetime premium payment while keeping the premium to the CPF approved limit of $600 a year.
Before you go ahead and download the checklist, here are a few points to note:
- This checklist is based on you having a current ElderShield 400 plan
- The illustration is based on comparison of plans offered by 2 insurers
- The information is correct as of 25 Apr 2016
To download, please fill up the form below and a download link will be sent to your email.