Have you ever found yourself buying all kinds of supplements for yourself or your kids? Often, we find ourselves buying supplements that we don’t necessarily need. Some may think supplements are effective, while some may not. How about you? What are your opinions on the effectiveness of supplements?
Supplements can come in many forms.
Whether in pill, powder, or, liquid form, but have you heard of the scheme, my long term care (MLTC) that covers your wellbeing on top of CareShield life?
Huh what is MLTC?
My long term care (MLTC) is an add-on plan to CareShield Life and Elder shield. This plan provides lifetime protection against severe disability that renders the Life Assured unable to perform basic daily tasks.
If I’m covered under CareShield, why do I still need MLTC?
1. “Benefit triggers”
What exactly are benefit triggers? The criteria used to assess if someone is qualified to receive benefits are known as benefit triggers. They are commonly defined as Disability in Activities of Daily Living (ADL).
But the million-dollar question is how common are ADLs?
According to the prevalence estimate, the number of Singaporeans aged 60 years or older with one or more ADL is expected to reach 82,968 by 2030. (7 percent of the total population aged 60 years or older). From this number, 38,809 (47%) are estimated to have one or two ADL limitations, while 44,159 (53%) are estimated to have three or more. [1]
Do you know to hitting at least 3 out of the 6 ADLs is not so common? With the supplement’s add-on MLTC PLUS, one would be eligible to claim benefits with just the inability to perform, at least 2 of the ADLs. Unlike CareShield Life which requires one to be unable to perform at least 3 ADLs to claim the benefits.
“I’m still so young and healthy, won’t happen to me anytime soon.”
Maybe you are still young but it is a prevalent misconception that disability only affects the elderly. Preliminary local data suggests that there are a significant number of impaired younger persons, notably those suffering from strokes, spinal cord injuries, and severe brain and musculoskeletal injuries. [2] Disability can happen to anyone of any age. While being young definitely has its advantages but it is never too early to start planning for the unpredictable. The biggest mistake is failing to prepare for unforeseen circumstances.
2. Monthly cash payouts
Is the supplement and CareShield Life monthly cash payout the same?
No, they are not the same. CareShield Life monthly payouts are only $600 while supplements offer up to $5,000 cash payout monthly plus other benefits! I mean, hopefully, it won’t happen lah but if it really happens then here is what’s claimable!
Can you really afford the expensive monthly cost of care needed?
Caregiver expenses cost can easily cost up to a few thousand dollars and don’t forget you still have to pay for daily living expenses, medication, therapy, etc... And..you won’t be earning! So, think about it, is $600 monthly really enough to cover the expenses when you are disabled?
It may appear that being prepared for any unforeseen circumstances is unnecessary right now, but it is critical to always be ready for the future. Supplements such as MLTC are an excellent way to ensure a reasonable income stream in the event of disability.
Still, have doubts? Why not join us in our upcoming webinar happening soon to learn more about it. See you there!!
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