QUESTION: At 66 Years old, How much can this individual receive from Insurance if he or she is down with stroke or disability in old age? How Much will CPF pay? ANSWER: Excluding the individuals own Life Insurance payouts (from Critical Illness Insurance and Comprehensive Disability Insurance, CPFdefault Eldershield scheme will provide an individual with a payout of $400/month for the next 6 years. This helps to alleviate out-of-the-pocket expenses. If the individual has upgraded his or her ElderShield with an Eldershield Supplementary plan (You can use Medisave to pay premiums) with a Private Insurer, the individual can receive up to $5,000 Monthly Income from the enhanced Eldershield for LIFE-Time. On top of that, under the Latest Pioneer Generation package, Government will provide an additional $100/month for disabled pioneer generation members. To qualify, they must have been assessed to need permanent help with at least three of six daily activities. These include: bathing, dressing, eating, using the toilet, moving from their bed to a chair and moving on a level surface. Those who are on existing assistance schemes, like the Interim Disability Assistance Program for Elderly or the Foreign Domestic Worker Grant, will qualify automatically. Current claimants under disability insurance scheme will also be eligible.
Posted on: Wed, 25 Jun 2014 14:46:09 +0000
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