My mother who has mild to moderate dementia and still able to do 6 Activity of Daily Living (ADL) and is born before 1979. She can opt for CareShield Life.
CareShield Life is a long term insurance scheme. In the event, she becomes severely disabled (unable to do 3 out of 6 ADLs), she will receive a lifetime payout of cash $600/month from 2020 onwards. Unlike the normal insurance, this Careshield life covers those with pre-existing illness and disabilities. The premium can be paid from medisave account.
I shared this with a friend whose mother and father in law have dementia. Both of the husband and wife team decided to go ahead with the Care shield Life for her father in law who is of high fall risk but is community ambulant. Unexpectedly last month, he had a fall and landed with a fractured wrist. During hospital stay, he continued to decline and become disoriented. As he is of big build, it was hard for my friend's husband to carry him from the bed to the wheelchair.
My friend shared that she was glad that they bought care shield life, if once the payout is activated, the amount would be useful to help them with the additional cost of hiring a domestic foreign worker to assist her father in law with his daily living.
I am glad that both of us encouraged together and we can discuss such financial decisions that will benefit our loved ones.
It is important that we plan early for our future long-term care needs, but working out how much to save can be difficult since the cost of long-term care is uncertain. Insurance schemes like CareShield Life or other long term care insurances offered in Singapore can help pool our risks together and ensure protection against potentially unexpected long-term care costs, providing us peace of mind while we navigate through this caregiving journey.
Copyright LHN. This blog expresses the person thoughts of the writer and do not replace professional advice in your caregiving journey.
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