Premiums and Premium Support for Singaporeans born in 1979 or earlier
How much are your CareShield Life premiums?
CareShield Life premiums are pre-funded with premiums paid during your working years and risk-pooled within your generation to cover your generation's current and future claims.
As such, premiums are paid from the age you join until age 67, but you remain covered for life. Premiums are waived once you make a successful claim. Those who join CareShield Life at age 59 or older will pay premiums over 10 years. This helps to lower their annual premium payable so that it is more affordable and manageable.
From 2020 to 2025, premiums* and payouts will both increase by 2% per year. Beyond that, premium and payout adjustments will be recommended by an independent CareShield Life Council, in accordance with an actuarially sound adjustment framework. The Council will take into account the scheme's claims experience and changes in life expectancy and disability trends when making their recommendations.
You can check your personalised CareShield Life premiums here using your Singpass.
*2% increase of premiums per year excludes GST
Your premium may have 2 components:
1. Base Premium
All Singaporeans born in 1979 or earlier and who join CareShield Life will pay a base premium. Base premiums are paid from the age you join until age 67 (inclusive of the year you turn age 67), or for a period of 10 years for those who join CareShield Life at age 59 or older from 6 November 2021 onwards.
Base premiums* will increase over time, together with the increase in potential payouts, until the insured reaches age 67.1 From 2020 to 2025, the increase is 2% per year. Beyond that, premium and payout adjustments will be recommended by an independent CareShield Life Council, in accordance with an actuarially sound adjustment framework. The Council will take into account the scheme's claims experience and changes in life expectancy and disability trends.
ElderShield 400 policyholders who have been consistently on an ElderShield policy (i.e. never opted out, or upgraded from ElderShield 300 to ElderShield 400 in 2007 when they had the chance to) will only pay the base premium each year, if they join CareShield Life by 31 December 2021.
*2% increase of premiums per year excludes GST
1Base premiums will be become flat after age 67 if they remain payable (e.g. for those who join at age 59 or older).
2. Catch-up Component
The catch-up component is a flat amount paid over 10 years, and is paid on top of the base premium.
The following groups will need to pay an additional catch-up component, as they would not have paid as much premiums as those in the same cohort who had been consistently insured under the ElderShield 400 scheme and joined CareShield Life earlier.
- Existing ElderShield 300 policyholders.
- Those not insured under ElderShield, or opted into ElderShield late.
- Existing ElderShield 400 policyholders who joined CareShield Life later (from 1 January 2022 onwards).
- Those whose ElderShield 300/400 policy became reduced paid-up.
The catch-up component will also be applicable to foreigners who become Singapore Citizens / Permanent Residents from 1 October 2020 onwards.
What help can you get to pay your premiums?
CareShield Life premiums are fully payable by MediSave. Your family members (i.e. spouse, children, parents, siblings and grandchildren) can also help to pay your premiums with their MediSave, or top up your MediSave with cash.
You may also be eligible for the following Government premium subsidies and support measures:
1. Means-tested Premium Subsidies for Singaporeans
| Monthly Per Capita Household Income (PCHI) | |||
|---|---|---|---|
| PCHI $1,200 or less | PCHI $1,201 - $2,000 | PCHI $2,001 - $2,800 | |
| Subsidy rates for Singapore Citizens2 | 30% | 25% | 20% |
2Subsidy rates will be applicable to Singapore Citizens who live in residences with an Annual Value (AV) of $21,000 or less. Those who live in residences with an AV between $21,001 and $25,000 will receive 10 percentage points less than these subsidy rates. Those who live in residences with an AV above $25,000 or own multiple properties will not receive these subsidies. Permanent Residents receive half of the subsidy rates applicable to Singapore Citizens.
2. Participation Incentives for Singapore Citizens born 1979 or earlier who join and are covered under CareShield Life by 31 Dec 2024
Total Participation Incentives will be spread equally over 10 years and will be used to offset the annual premium payable in that year.
You will still be eligible for Participation Incentives even if you have previously opted out, as long as you join and are covered under CareShield Life by 31 December 2023.
Please note that if you are required to go for a disability assessment, the amount of Participation Incentives you receive will depend on your date of disability assessment. For more information, please refer to this page (47. Will I receive the Participation Incentives of up to $4,000 as long as I apply to join by 31 December 2023?).
For Singapore Citizens who join and are covered under CareShield Life by 31 December 2023:
| Birth Year | Annual Participation Incentive | Total Additional Participation Incentives for Merdeka Generation (MG) & Pioneer Generation (PG) seniors3 | Total Participation Incentives over 10 years2 |
|---|---|---|---|
| 1975 – 1979 | $50 | N.A. | $500 |
| 1970 – 1974 | $100 | $1,000 | |
| 1965 – 1969 | $150 | $1,500 | |
| 1960 – 1964 | $200 | $2,000 | |
| Before 1960 | $250 | $1,500 | $2,500 for non-MG and non-PG seniors $4,000 for MG and PG seniors |
For Singapore Citizens who join and are covered under CareShield Life between 1 January 2024 and 31 December 2024:
| Birth Year | Annual Participation Incentive | Total Additional Participation Incentives for Merdeka Generation (MG) & Pioneer Generation (PG) seniors3 | Total Participation Incentives over 10 years2 |
|---|---|---|---|
| 1975 – 1979 | $37.50 | N.A. | $375 |
| 1970 – 1974 | $75.00 | $750 | |
| 1965 – 1969 | $112.50 | $1,125 | |
| 1960 – 1964 | $150.00 | $1,500 | |
| Before 1960 | $187.50 | $1,125 | $1,875 for non-MG and non-PG seniors $3,000 for MG and PG seniors |
2Participation Incentives will be spread equally over 10 years and will be used to offset the annual premium payable in that year. It will only be applicable if Singapore Citizens born 1979 or earlier join in the first two years from end-2021.
3To check if you are part of the Pioneer Generation (PG) or the Merdeka Generation (MG), you may log into the Life SG app (iOS or Android) or Singpass App using your Singpass;. If you are a MG Member, you will be able to view your MG e-card or eligibility status upon successful login.
3. Additional Premium Support (APS)
If you cannot afford your CareShield Life premiums even after premium subsidies, and family support, you may be eligible for Additional Premium Support.
These premium subsidies and support measures ensure that CareShield Life premiums remain affordable. No one will lose their CareShield Life coverage because of the inability to afford their premiums.
Have a question about CareShield Life? We may have an answer here.