Did you know that in Singapore it can cost around S$2,300 per month to stay in a nursing home? Although it is difficult to put a value on the life, health and well-being of you and your loved ones can come at a cost. Although one can hope for the best, it is always wise to prepare for the worst and this includes the need to be prepared for long term care.
Long-term care can be provided in day care centres, nursing homes or by a live-in caregiver, but the costs of these services are high. Making sure you’re adequately prepared to handle these expenses is an integral part of life and a top priority for anyone approaching their 30s, even as they take on new milestones in life.
UNDERSTAND THE ACTIVITIES OF DAILY LIFE
One of the main concerns in caring for people with conditions such as disability is to ensure that they can go about their daily lives and that all basic needs are met.
Unforeseen circumstances, such as accidents or medical conditions, can arise at any time, regardless of age and lifestyle. It can be easy to rule out the possibility that disability may occur in young people, but even simple injuries such as broken bones can lead to mild disability. These situations can result in the inability to independently perform basic daily activities or activities of daily living (ADL).
The ADLs include six activities that cover the basic needs of daily living: bathing, dressing, eating, grooming, walking or moving, and moving around. Those who need long-term care usually need help with ADLs.
Mid-career people, especially those with new or growing families, also need to consider the possible loss of income that accompanies long periods of disability – and consider the potential impact this will have. can have on oneself and on those close to it.
EXPLORE NEW WAYS FOR ADEQUATE PROTECTION
Long-term care plans are specifically structured to help you stay prepared for the future and ensure you’ll receive the care you need throughout your life. For those looking to improve long-term care coverage, GREAT CareShield is an option. The plan can be easily purchased online through OCBC Bank in 10 minutes and is underwritten by Great Eastern, a member of the OCBC group.
GREAT CareShield offers individuals comprehensive and flexible protection with payments that begin when daily life is disrupted. It’s the only Medisave-approved plan that gives you lifetime payments if you fail to complete a single ADL.1. Your annual premiums will also be forfeited if you are unable to perform an ADL1.
In contrast, the government-mandated CareShield Life insurance scheme only offers lifetime payouts when the individual is unable to perform at least three ADLs, while other supplemental CareShield Life schemes on the market require at least two ADL.2.
LIFETIME FOR PEACE OF MIND
Disability is often associated with potentially high medical and care expenses. For those in their 30s or 40s, the stakes are even higher, as the inability to work or care for yourself can impact both your finances and your family.
For example, expenses associated with long-term care can steadily accumulate during recovery, which can become a financial burden on a family, especially with one less source of income. Additionally, not being able to afford a babysitter will place the burden of care on immediate family members, which can be a physical and emotional strain over long periods of time.
To ease your burden, GREAT CareShield tops up your CareShield Life monthly starting payments of S$600 (based on 2020). This allows you to have more comprehensive, lifetime coverage in addition to the government’s long-term care insurance plan, whether it’s CareShield Life or ElderShield.
The plan also provides additional monthly benefits to cover care and child expenses when you are certified incapable of performing two or more ADLs.1giving you greater peace of mind during your recovery.
When planning for your future, it’s important to consider the resources you have and maximize them to structure a game plan that fits your unique needs. On the one hand, you can use up to S$600 from your MediSave account to pay your annual premium and minimize your outgoings.
From now until June 30, 2022, enjoy a 20% discount for the life of your policy. Apply now for GREAT CareShield and your annual premium won’t increase with age3.
Apply for BIG CareShield online through OCBC Bank or the OCBC Digital app and find out how it can help you and your loved ones better prepare for long-term disability. You can also visit any OCBC branch to learn more.
1 You can only apply for benefits if you are unable to perform the ADLs after a deferment period of 90 days from the date of your disability assessment.
2 This comparison does not include information on all similar products. Great Eastern does not guarantee that all aspects of the products have been illustrated. You can make your own comparison for similar products. Visit careshieldlife.gov.sg for more information.
3 Premiums are not fixed and may be adjusted by Great Eastern.
Terms and conditions of application.
GREAT CareShield is provided by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC group. This plan is not a bank deposit and OCBC Bank does not guarantee or have any obligation in connection therewith.
This policy is protected by the Policyowner Protection Program which is administered by the Singapore Deposit Insurance Corporation (SDIC). Your policy coverage is automatic and no further action is required. For more information on the types of benefits covered by the plan as well as coverage limits, visit the websites of the Life Insurance Association (LIA) or the SDIC.
This is product information provided by OCBC only. You may wish to seek advice from a qualified advisor before purchasing the product. If you choose not to seek advice from a qualified advisor, you should consider whether the product is right for you. Purchasing health insurance products that are not right for you can impact your ability to fund your future health care needs. If you decide that the policy is not suitable for you after you have purchased it, you may terminate the policy in accordance with the free consultation provision, if any, and the insurer may recover from you any costs incurred by the insurer. for underwriting the policy.