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Market Updates: Careshield and Integrated Shield plan on Cancer coverage

CARESHIELD LIFE

Careshield Life, a long-term care insurance scheme, has been launched since last year.  A Re-cap on Careshield Life can be found here:

Enrolment status (By Birth Year)
Born 1980 or later: Compulsory Enrolment
Born 1970 – 1979: Auto-enrolled from end 2021, with choice to opt out by 2023
Born 1969 or earlier: Optional Enrolment

What you can do: those born 1980 or later

  • Do consider whether Careshield Life payouts of $600/mth for life are sufficient for your needs, in the event of disability
  • If you find it insufficient, consider enhancing the payouts with Careshield supplements payable via Medisave

What you can do: those born 1979 or earlier

  • Do consider whether Eldershield payouts of $400/mth for 6years are sufficient to meet your needs, in the event of disability
  • If you find it insufficient, consider enhancing the payouts with Eldershield supplements, payable via Medisave. *Note that the cut-off date is end-September 2021
  • Once auto-enrolled in Careshield life, you can opt out if you don’t require the higher benefits.

Differences between Eldershield & Careshield Life

Source: Straits times 29/08/2020

INTEGRRATED SHIELD PLAN(IP) MAY NOT COVER ALL CANCER DRUGS FROM 2023

Recently the Ministry of Health (MOH) has come up with a list of cancer drug treatments that can be covered by MediShield Life insurance from September 2022. This same list will apply to coverage by all Integrated shield plans sold or renewed from April 2023.

Currently, about 90% of existing cancer drug treatments used in the public sector will be included in the approved list. Integrated Shield Plans will cover only MOH-approved outpatient cancer treatment from 2023 

https://www.straitstimes.com/singapore/health/integrated-shield-plans-will-only-cover-moh-approved-outpatient-cancer-treatment

Approved Outpatient cancer Drug list Given by MOH can be found here.

How Does This Affect Us?

  • There exists a 10% chance that outpatient cancer drugs may not be covered by integrated shield plans from 2023, even if such treatments are done at government hospitals
  • No more “as charged” basis claims for cancer drugs, as insurers must set claim limits for each cancer drug treatment
  • The uncertainty increases the need for enhanced Critical Illness Protection, to cover the costs for cancer drugs not claimable by Integrated Shield Plans

    Do reach out to us if you are still unsure about the above schemes and we can discuss the best options for you and your loved ones.

Pinnacle Wealth Advisory will see you in the next newsletter!

Pinnacle Wealth Financial Advisory

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