What is ElderShield
ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially due to frailty in old age. It provides a monthly cash payout to help pay the out-of-pocket expenses for the care of a severely-disabled person.
Why a premium rebate?
When ElderShield was first launched in 2002, there was very little Singapore-based data on severe disability claims to help guide the initial design and pricing of the ElderShield scheme. In view of this, Ministry of Health (MOH) then made a specific provision in the ElderShield contract with the insurers to return 50% of any accumulated surplus to existing policyholders, if the actual claims experience should turn out to be different from what was projected.
In the last 5 years of the scheme, ElderShield claims have been lower than projected. Hence, existing ElderShield policyholders whose policies are still in force as at 29 September 2012 will be entitled to premium rebates.
How much premium rebate?
This is a one-time rebate. The amount of rebate that you will receive will depend on your entry age, how long you have been insured under the ElderShield scheme, and the ElderShield Scheme (i.e. ElderShield 300 or ElderShield 400) which you are being insured under. For example, policyholders who joined the scheme in 2002 will receive a larger rebate than those who recently joined the scheme.
The rebate will be provided as a premium discount to directly offset part of your next renewal premium.
Clients could enhance their coverage and get protection against the high cost of long-term care by upgrading to Aviva MyCare or MyCare Plus