CareShield Life Supplement plans are optional add-on insurance policies offered by private insurers to enhance the coverage provided by the basic national CareShield Life scheme.
They provide higher and more flexible benefits for individuals who want increased long-term care protection.
As of today, three insurers in Singapore offer CareShield Life Supplement plans:
- Income Life
- Great Eastern (GE Life)
Singlife
Premiums for CareShield Life Supplements
Premium Structure
Premiums for Supplement plans are set entirely by the private insurer.
They depend on:
Entry age
Gender
Chosen benefit amount
Optional add-ons (if any)
Selected payout escalation option
Premium Payment Method
Premiums can be paid using MediSave, up to the Additional Withdrawal Limit (AWL) of S$600 per person per year.
Any amount above the MediSave limit must be paid in cash.
Premium Escalation
Unlike CareShield Life Basic (where the annual growth is fixed by MOH), Supplement plan premium growth varies by insurer:
Some insurers use level premiums (constant over time).
Some use escalating premiums (increasing annually).
Payouts for CareShield Life Supplements
CareShield Life Supplement plans aim to provide higher payouts and more flexible benefit structures than the basic CareShield Life scheme.
Monthly Payout Amount
Users can choose a higher monthly disability payout, often ranging from a few hundred dollars to thousands per month.
This payout is given when the insured meets the disability definition stated in the plan.
Payout Escalation
Supplement payouts may:
Increase yearly (e.g., 2% or 3% escalation per year).
Stay fixed (no escalation).
The escalation rate is chosen at the point of purchase and varies by insurer.
Duration of Payout
Most supplement plans provide payouts:
For as long as disability persists, similar to CareShield Life, or
According to specific plan rules (e.g., minimum payout period, lump-sum benefits).
Exact payout duration depends on the insurer’s policy terms.
How GoalsMapper Handles CareShield Life Supplement Premiums and Payouts
Premium Handling
GoalsMapper automatically adjusts and projects CareShield Life Supplement premiums based on the insurer-specific rules you select. Because Supplement plans are provided by private insurers, each plan has its own premium structure and escalation pattern.
In GoalsMapper, you simply key in:
The entry premium of the Supplement plan
The annual premium growth rate
The age at which premium escalation stops
The age at which premium payments end
Payout Handling
For CareShield Life Supplement payouts, GoalsMapper uses the payout definition and escalation rules specified by the insurer.
In GoalsMapper, you enter:
The entry payout amount for the Supplement plan
The annual payout growth rate
The age at which payout escalation stops