How much does CareShield Life pay per month if I cannot perform activities of daily living?

CareShield Life Payouts for Inability to Perform Activities of Daily Living (ADLs)

CareShield Life is a government-administered severe disability insurance scheme, funded automatically through your Medisave Account (MA). The payout structure depends on the severity of your disability, specifically the number of Activities of Daily Living (ADLs) you are unable to perform.

Standard Government Payout

If you are certified by a doctor to be unable to perform three or more of the six ADLs, you will receive a monthly cash payout from the government scheme. The standard payout amount is $600 or more per month (as stated in the provided knowledge, the exact figure may be subject to periodic review by the government).

Eligibility and Funding

• Eligibility: Payouts commence upon certification of severe disability (inability to perform 3 of 6 ADLs).
• Funding: Premiums for the basic CareShield Life scheme are paid automatically from your Medisave Account (MA). For individuals aged 55 to 65, the estimated annual premium for the basic scheme can be covered by Medisave, up to a certain limit (the knowledge indicates that from age 65-85, $28.9k can be covered by Medisave for MediShield Life premiums, which often bundles with CareShield Life considerations).

Upgrading with Supplements

Many Singaporeans opt for a CareShield Life Supplement offered by private insurance companies. These supplements allow for earlier payouts or higher monthly amounts:

• Earlier Payouts: Supplements can start paying out if you are unable to perform one or two ADLs, instead of the standard three.
• Stacking Payouts: The supplement payout stacks on top of the government's $600+ monthly payout.
• Medisave Subsidy: Premiums for the supplement portion that covers up to $600 per year of the supplement cost can be paid using Medisave; any amount above this must be paid in cash.

Important Note on Withdrawal:

It is crucial to note that while the basic CareShield Life payout is $600+/month, if you have an Integrated Shield Plan (IP), the Medisave funds used for the IP portion (not the rider) are separate from the CareShield Life mechanism. The CareShield Life payout is specifically for severe disability.