Dear readers, just two days ago, the Government announced that it will implement Careshield Life with effect from next years for Singaporeans born 1980 and beyond. Careshield Life is essentially a disability policy and hence when Careshield Life commences next year, it will be targeting Singaporeans aged 40 and younger. And for those Singaporeans born before 1980, Careshield Life is on a opt-in basis. In an eventuality, Careshield Life pays from $600 per month.
I belong to the group of Singaporeans whom Careshield Life is mandatory. As such I know one use of my Medisave will go into the premiums of Careshield Life from next year onwards. Coincidentally, just over the last weekends, I was relooking at my Incomeshield statement and saw that the Medisave portion I could tap on for my Incomeshield plan has reduced so much so that I need to fork out more in cash for my Incomeshield. With Careshield, more of my Medisave will go into insurances. And no though Medisave is from my CPF, it is ultimately my personal savings. In a nutshell, I will have to pay more for health insurance and health-related plans.
As Careshield is compulsory for my age group, I would have to accept paying the premiums with the view that the Best everyone could do about his or her health is to really make it a point to keep ourselves Healthy! Being Healthy is the Best form of protection!
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