Thursday, April 16, 2009

Why so many letters on Eldershield???

In my course of work, I noticed that many people have no idea what Eldershield is all about and confused with all the letters their respective insurers sent over the years. I hope this posting is able to help some of these people.

I often have to spend considerable time explaining about the plan and to go through all the letters they received.

I had written about this 1 year ago and just a recap

I like to also add on a few items which I did not mention previously...

What is Eldershield?
* A severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age. There are currently 2 schemes.
1) Eldershield 300 - It provides a monthly cash payout of $300 for a maximum of 60 months. It was for those who are already in the scheme before Sep2007.
2) Eldershield 400 - It provides a monthl cash payout of $400 for a maximum of 72 months. It was for those who reaches 40 after Sep2007.

When was it implemented?
* Commenced in September 2002 and a reform from September 2007
* As it is an auto-cover scheme, you do not have to sign up to join ElderShield, or go for medical assessment

Who are affected?
1) All Singapore Citizen and PRs between age 40 and 69, with Medisave accounts, as at 30 Sep 2002
2) Singapore Citizens PRs with Medisave accounts, who reaches the age of 40 thereafter are automatically covered

Who are my likely insurer?
NTUC Income or Great Eastern for those already in the scheme before Sep07.
NTUC Income, Great Eastern or Aviva for those reaching 40 after Sep07.

What letter did my insurers probably sent me?
1) Renewal Notices yearly
2) Notification on Eldershield Reforms and Premium Rabates
3) Proposal form for upgrade from Eldershield300 to Eldershield400
4) Marketing Leaflets encouraging you to sign up for their respectively Eldershield Supplements

If you ignore all these marketing leaflets, they will keep sending you these letters year after year to ask you upgrade and why you should upgrade.
* Hope you have a better idea of the letters your Eldershield Insurers are sending you now **

For more info on Eldershield, you may refer to my previous post as above.

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