Insurance plans won’t cover the elderly, right? Not true!
As Singapore ages, more insurance policies have been created to cover the elderly. Many children show their appreciation to their ageing parents by paying for coverage under these policies. In this article, we will talk about Personal Accident Plans, Homecare Riders, and Eldershield Supplements.
A. Personal Accident Plans
What It Is:
As our parents age, the risk of falls and accidents increase. Personal Accident Plans covers medical expenses resulting from accidents, dismemberments and disabilities.
How It Benefits The Elderly:
Helps to cover medical expenses in the event of accident
Up to 50% off total bill for out-patient
Affordable, starting from $101/year
Premium not based on age
Premium is based on occupation; retirees can be covered as well
Entry age – up to 70 years old
Coverage age – up to 75 years old
B. Homecare Riders
What It Is:
An optional add-on benefit to selected Integrated Shield Plans that pays for post-hospitalization home care services (eg. doctor home visit, home nursing, home-based physiotherapy) for your ageing parents.
How It Benefits The Elderly:
Riders are unbundled, enabling the policy holder to select them based affordability and needs
Payable by Medisave
No maximum coverage age or entry age restriction
C. Eldershield Supplements
What It Is:
Enhances ElderShield benefit by offering additional benefits to Eldershield policy holders by:
Increasing the monthly payout, or
Extending the payout period, or
A combination of both
How It Benefits The Elderly:
This plan can be paid for using the CPF Medisave account of one’s self, spouse or children (up to $600/year)
A monthly pay-out in the event of disability – up to $600/month
Want More Details On Which Plan Is Most Suitable For Your Ageing Parent?
Call SilverAlly At 626-515-00 For A Free Consultation With Our Selected Insurers.