Naming ElderShield on Enrolment and Payout Adequacy

Debated in Parliament on 5 Feb 2018.

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Miss Cheng Li Hui questioned whether the name "ElderShield" is appropriate given that enrolment begins at age 40, whether the current monthly payouts of $300 to $400 for up to 60 to 72 months are sufficient for severe disability, and how many people have opted out over the last decade.
Gan Kim Yong responded that the ElderShield Review Committee is evaluating the scheme’s payout quantum and duration, with recommendations expected mid-year after wide consultation.
He explained that the scheme provides basic long-term care insurance against severe disability, with enrolment from age 40 to allow premium payments during working years and lifetime coverage starting at age 40.
The opt-out rate for ElderShield has decreased from 11% in 2007 to 5% in 2016, indicating growing acceptance.

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Miss Cheng Li Hui

Miss Cheng Li Hui asked the Minister for Health (a) whether it is appropriate to name ElderShield as such when enrolment into the scheme starts at the age of 40; (b) whether the monthly payout of $300 and $400 for up to 60 and 72 months respectively is sufficient for a person meeting the criteria of severe disability; and (c) over the last decade, how many people have opted out of ElderShield.

Gan Kim Yong

The ElderShield Review Committee (ESRC) is in the process of reviewing the ElderShield scheme, including the payout quantum and duration. It has consulted widely and obtained valuable inputs from stakeholders. The Government Parliamentary Committee for Health has also submitted a report to the Committee. ESRC will be making its recommendations to the Government by the middle of the year.

ElderShield is an insurance scheme that provides basic protection against the costs of long-term care arising from severe disability, especially in old age when such risks are higher. Enrolment to the current ElderShield scheme begins at age 40 to allow policyholders to pay their premiums during their working years from age 40 to 65. Coverage will start from age 40, with lifetime protection for the policyholders as they age and become elderly over time.

The opt-out rate for ElderShield was 11% in 2007 and this has decreased to 5% in 2016.

Summary written by AI (learn more)

Miss Cheng Li Hui questioned whether the name "ElderShield" is appropriate given that enrolment begins at age 40, whether the current monthly payouts of $300 to $400 for up to 60 to 72 months are sufficient for severe disability, and how many people have opted out over the last decade.
Gan Kim Yong responded that the ElderShield Review Committee is evaluating the scheme’s payout quantum and duration, with recommendations expected mid-year after wide consultation.
He explained that the scheme provides basic long-term care insurance against severe disability, with enrolment from age 40 to allow premium payments during working years and lifetime coverage starting at age 40.
The opt-out rate for ElderShield has decreased from 11% in 2007 to 5% in 2016, indicating growing acceptance.

Questions identified by AI (learn more)

Naming ElderShield on Enrolment and Payout Adequacy | PAPERCUTS

Naming ElderShield on Enrolment and Payout Adequacy

Debated in Parliament on 5 Feb 2018.

Summary written by AI (learn more)

Miss Cheng Li Hui questioned whether the name "ElderShield" is appropriate given that enrolment begins at age 40, whether the current monthly payouts of $300 to $400 for up to 60 to 72 months are sufficient for severe disability, and how many people have opted out over the last decade.
Gan Kim Yong responded that the ElderShield Review Committee is evaluating the scheme’s payout quantum and duration, with recommendations expected mid-year after wide consultation.
He explained that the scheme provides basic long-term care insurance against severe disability, with enrolment from age 40 to allow premium payments during working years and lifetime coverage starting at age 40.
The opt-out rate for ElderShield has decreased from 11% in 2007 to 5% in 2016, indicating growing acceptance.

Questions identified by AI (learn more)

Full Transcript

Miss Cheng Li Hui

Gan Kim Yong

The opt-out rate for ElderShield was 11% in 2007 and this has decreased to 5% in 2016.

Summary written by AI (learn more)

Miss Cheng Li Hui questioned whether the name "ElderShield" is appropriate given that enrolment begins at age 40, whether the current monthly payouts of $300 to $400 for up to 60 to 72 months are sufficient for severe disability, and how many people have opted out over the last decade.
Gan Kim Yong responded that the ElderShield Review Committee is evaluating the scheme’s payout quantum and duration, with recommendations expected mid-year after wide consultation.
He explained that the scheme provides basic long-term care insurance against severe disability, with enrolment from age 40 to allow premium payments during working years and lifetime coverage starting at age 40.
The opt-out rate for ElderShield has decreased from 11% in 2007 to 5% in 2016, indicating growing acceptance.

Questions identified by AI (learn more)

Naming ElderShield on Enrolment and Payout Adequacy

Summary

Questions Identified

Full Transcript

Miss Cheng Li Hui

Gan Kim Yong

Summary

Questions Identified

Naming ElderShield on Enrolment and Payout Adequacy

Summary

Questions Identified

Full Transcript

Miss Cheng Li Hui

Gan Kim Yong

Summary

Questions Identified