If you already have basic severe disability* coverage through ElderShield, you know how important such coverage is. Becoming disabled due to a serious accident or an illness can mean hardship for both you and your loved ones. Severe Disability Insurance helps relieve some of these hardships by providing monthly payouts to help cover some of the costs associated with long-term care.
Is the basic protection offered by ElderShield enough? While short-term coverage can offer critical assistance, associated costs will continue well after a policy's benefits have expired. Supplementing your ElderShield protection with Aviva's MyCare/ MyCare Plus is important as it will enhance your coverage and provide you with better peace of mind.
With MyCare or MyCare Plus, you can transform your ElderShield cover into lifetime1 benefits with premiums that do not increase with age.
The best part about this insurance is that not only can you use cash, you can use Medisave Funds of up to S$600 per calendar year per Life Assured. What’s more, you can use your Medisave Funds to cover your spouse, parents or grandparents.
How does the basic MyCare improve my benefits?
Unlike the short-term coverage offered by ElderShield, MyCare's unlimited payout term means you will receive the monthly payouts as long as you are disabled. At the same time, MyCare will provide you with a higher monthly payout than ElderShield, which can be used to cover for more expenses incurred during your disability.
The other additional benefits are:
- Tax and GST-free payouts that let you spend your money where it's needed
- A one time lump sum benefit equal to three times the first monthly payout amount will be provided to help you with the initial expenses at the onset of the disability.
- A dependent care benefit of $200 per month payable up to 36 months if you have a child aged 21 years old and below at claim.
- A Rehabilitation Benefit of 50% of the monthly payout during your recovery stage.
- A death benefit that will pay three times your last payout if death occurs during the severe disability.
- A waiver of premium payment during benefit^ payouts.
- A guaranteed renewal that allows you to continue coverage as needed
^ This refers to when the life assured is receiving either the Severe Disability Benefit or the Rehabilitation Benefit.
Beyond providing you with exceptional benefits for a reasonable premium, Aviva's MyCare also allows you to customise your policy by choosing the coverage options that are right for you. These options include:
Custom Payout Benefit
Choose your preferred monthly payout (inclusive of ElderShield benefit) from a minimum of $600 to a maximum of $3,500 (in increments of $100).
Custom Monthly Payout Duration
Choose between a fixed 12-year (144 months) duration or unlimited lifetime payout.
Custom Payment Term
Choose between paying until age 67 (next birthday, with a minimum term of 20 years) or ongoing.
What extras does MyCare Plus give me?
ElderShield payouts start when you are unable to perform at least 3 out of the 6 Activities of Daily Living2 (ADL). MyCare helps to increase and lengthen the ElderShield payout. And MyCare Plus pays out when there is an inability to perform at least 2 out of the 6 ADL2. Whichever plan you choose, it’s our way of offering you faster financial relief at a time when you need support the most.
Who can join?
To be eligible for Aviva's MyCare/ MyCare Plus, you must first be covered by a basic ElderShield plan from any of the 3 appointed insurers.
How does it work?
Click here for MyCare and MyCare Plus Claim Examples.
One policy. many options.
MyCare and MyCare Plus will provide you with a higher monthly payout than ElderShield, which can be used to cover more expenses needed for long-term care. You can customise your policy by choosing the coverage options that are right for you.
Features |
ElderShield400 |
MyCare |
MyCare Plus |
|---|---|---|---|
| Requirements for Benefits Payouts | Inability to perform at least 3 out of 6 ADL | Inability to perform at least 2 out of 6 ADL | |
| Benefits Payout Duration | Up to 6 Years (72 months) | Unlimited lifetime payout or up to 12 years (144 months) | |
| Premium Term | Pay till 66 age next birthday |
(i) Lifetime or |
Lifetime |
| Monthly Severe Disability Benefit | S$400 | $600 to $3,500 ( in increments of S$100) Including basic ElderShield benefit |
|
| Lump Sum Benefit | Nil | Additional 3 times your first monthly benefit3 | |
| Rehabilitation Benefit4 | Nil | 50% your monthly benefit3 up to the end of the Benefit Payout Duration | Not applicable |
| Dependant Care Benefit | Nil | Additional S$200 per month up to 36 months if you have a child aged 21 years and below at point of claim | |
| Death Benefit | Nil | Additional 3 times your last drawn monthly benefit3 | |
| Waiting Period | 90 days/waived for accidental causes and auto coverage | No waiting period | 90 days/waived for accidental cause and/ inability to perform 3 or more ADL |
| Deferment Period | 90 days | 90 days | 90 days |
*Severe Disability Insurance can help you cover the cost of care and recovery following disability due to accident or illness. The Ministry of Health's ElderShield scheme, introduced in 2002, provides participants with this basic level of protection.
A severe disability due to accident or illness can happen to anyone at any age. The impact on you and your loved ones can be traumatic, especially as daily care costs continue to rise. If you were disabled tomorrow and unable to work, how would you survive? Products like Aviva MyCare, which supplement basic ElderShield coverage, can offer long-term security for you and your family.
Sourcing for an insurance quotation can be tedious and time consuming; the claim process can become pro-longed and complicated. We provide one stop services for you to handle these and offer the most competitive quotation.
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Last Updated on Thursday, 04 August 2011 14:06
