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Singapore: Severe disability insurance scheme under review

Source: Asia Insurance Review | Feb 2017

The Singapore government has started public consultations related to a review of the country’s severe disability insurance scheme which is called ElderShield.
 
   Among the issues being examined is whether the scheme, which is currently a voluntary opt-out model, should be made mandatory. Other considerations are the appropriate level of coverage, duration of coverage and benefits.
 
   ElderShield gives payouts to policyholders who cannot perform at least three of six activities of daily living on their own – eating, bathing, dressing, transferring (from the chair to bed, for instance), going to the toilet, and walking or moving around. It pays up to S$400 (US$280) a month, for up to six years, for beneficiaries aged 40 and above.
 
   ElderShield, which covered 1.2 million people or about 65% of the population aged 40 to 83 at the end of 2015, was last reviewed a decade ago. It was launched in 2002.
 
   The ElderShield Review Committee, appointed last October, will submit its recommendations by the end of the year. 
 
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