Premiums and Premium Support for Singapore Residents born in 1980 or later
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 (inclusive of the year you turn age 67), but you remain covered for life. Premiums are waived once you make a successful claim.
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 premiums and subsidies here.
*2% increase of premiums per year excludes GST
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 in lower- to middle-income households
| Monthly Per Capita Household Income (PCHI) | |||
|---|---|---|---|
| PCHI $1,500 or less | PCHI $1,501 - $2,600 | PCHI $2,601 - $3,600 | |
| Subsidy rates for Singapore Citizens1 | 30% | 25% | 20% |
1Subsidy rates are 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. Transitional Subsidies for Singapore Citizens born 1980 or later, in the first 5 years from 2020 to 2024
Transitional Subsidies are given on top of Means-tested Premium Subsidies, to reduce the annual premium payable in that year.
| Birth Year | Year | Total Transitional Subsidy |
|||||
|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||
| 1994 | - | - | - | - | $30 | N.A. (End of Transitional Subsidy) |
$30 |
| 1993 | - | - | - | $40 | $30 | $70 | |
| 1992 | - | - | $50 | $40 | $30 | $120 | |
| 1991 | - | $60 | $50 | $40 | $30 | $180 | |
| 1980 - 1990 | $70 | $60 | $50 | $40 | $30 | $250 | |
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.