3 insurance plans for the elderly



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:

  1. Helps to cover medical expenses in the event of accident

  2. Up to 50% off total bill for out-patient

  3. Affordable, starting from $101/year

  4. Premium not based on age

  5. Premium is based on occupation; retirees can be covered as well

  6. Entry age – up to 70 years old

  7. 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:

  1. Riders are unbundled, enabling the policy holder to select them based affordability and needs

  2. Payable by Medisave

  3. 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:

  1. Increasing the monthly payout, or

  2. Extending the payout period, or

  3. A combination of both

How It Benefits The Elderly:

  1. This plan can be paid for using the CPF Medisave account of one’s self, spouse or children (up to $600/year)

  2. 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.

Need more information?

Call 626-515-00 for a free phone consultation.

Address:

Call Us for a Free Consult:

SilverAlly Pte. Ltd.

50 Armenian Street

#04-02, Wilmer Street

Singapore 179938

626-515-00