ELDERSHIELD SUPPLEMENTS

ELDERSHIELD SUPPLEMENTS

7.

Dr Fatimah Lateef asked the Minister for Health following the implementation of ElderShield Supplements (a) how many more eligible Singaporeans have signed up; and (b) how much will it cost the Government in terms of expected payout.

Mr Khaw Boon Wan: The ElderShield severe disability insurance scheme underwent two major changes in October 2007. First, the basic ElderShield was upgraded to provide a higher payout from $300 to $400 per month and a longer maximum payout period from five to six years. Second, ElderShield policyholders who prefer additional severe disability coverage can now purchase ElderShield Supplements, on top of the basic ElderShield.

Basic ElderShield and its Supplements are insurance schemes run by three private insurers (namely, Aviva, Great Eastern Life and NTUC Income). They are actuarially- and commercially-structured and have to be fully funded by the premiums paid by the policyholders.

As at end-December 2007, there were about 790,000 ElderShield policyholders. 38,000 policyholders upgraded from the former basic ElderShield to the new basic ElderShield. There are nine ElderShield Supplements and thus far, 14,000 policyholders have bought additional coverage through these Supplements.