Understanding CPF Insurance Schemes
I am speaking at a seminar next month regarding the various CPF insurance schemes available for CPF members.
Are you confused by the various CPF insurance schemes that you invariably enrolled in if you contribute to CPF? Do you know what options you have for these schemes? How does one utilise his/her CPF to obtain better coverage?
The talk would be useful in helping attendees understand various CPF insurance schemes such as DPS, Medishield, as well as Eldershield which is pertinent for people above 40, or individuals with parents above 40 who are financially dependent on them.
There is currently an early-bird discount until 1st May 2013.
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What is ElderShield?
ElderShield is a Long-Term Care insurance scheme that Singaporeans are enrolled in on an opt-out basis when they reach the age of 40 years old. It is designed to provide a monthly payout to the insured upon severe disability typically associated with old age (hence the name).
Similar to MediShield, the premiums are payable by a CPF Member’s Medisave account, and there are optional supplements to be purchased with private insurers (as of writing, three insurers offer such supplements).
Types of Life/Health Insurance Coverage
It may be a little overwhelming for someone who has little to no experience in insurance to start figuring out what kinds of insurance coverage are available and more importantly – what are the ones really essential to him or her. I hope to highlight the more important forms of coverage and their intended purposes so that people have a better idea on where to start thinking about their insurance portfolio.
While not exhaustive, here are some of the more important forms of coverage.