The CareShield Life and Long-Term Care Act establishes and provides for the CareShield Life Scheme and other measures to provide long-term care financing support, should one develop severe disability.
The key features of the Act are the:
- Establishment of the CareShield Life Scheme to provide for long-term care financing support should one develop severe disability.
- Provision for Government administration of the ElderShield Scheme.
- Establishment of the CareShield Life and ElderShield Insurance Fund to support benefit payouts for policyholders and scheme administration.
- Establishment of the Long-Term Care Support Fund to provide premium support for the CareShield Life Scheme, and other financial support should one develop severe disability.
- Establishment of the CareShield Life Council to review the administration and sustainability of the CareShield Life and ElderShield Schemes.
- Provision of powers for the recovery of premiums from wilful defaulters as a last resort, to ensure that premiums are paid in a timely manner.