ADL-bx: GEL+Aviva #wife

Posted on by tiger40490 rendered_on [ Thu, 6 Mar 2025 ] 18:57 UTC

Best CareShield Life Supplements: Should You Upsize Your CareShield Life With Aviva, Great Eastern or NTUC Income? (seedly.sg) is detailed.

== GEL 9858 9752 Johnathan Tan, Policy #6004647642 (ElderShield category in AXS, )
— GEL documents .. can log in with singpass. The “GEL account” needs to be maintained but not needed for auth. When you log in (singpass), you can click on the “health” circle to see the Careshield policy
— independent plans.. https://www.greateasternlife.com/sg/en/personal-insurance/our-products/health-insurance/great-careshield.html shows that (for me)

Score = the number of ADL’s identified by the assessor.

  • when I score 1 ADL, then I get $2.5k/m, from GEL
  • when I score 2 ADL, then I get $5k/m from GEL + $Y from Aviva
  • .. $Y is $5000/m after 6 years, but $4600 for the first 6 years.
  • when I score 3 ADL, then I get $612++ form CSL + $5k from GEL + $5k from MyCarePlus

Premium is also “independent” as in probability theory. CSL premium by CPF doesn’t use up the $600/Y quota.

For wife, relying on her existing $1000/M MyCarePlus, then

* if she hits 1 ADL, no payout
* if she hits 2 ADL, Aviva will pay some amount $X
* if she hits 3 ADL, then on top of $612++ from CSL, Aviva will pay some amount $X
My  prediction: $X is $1000/M after 6 years, but $600 (i.e. 1000-400) for the first 6 years.  In this prediction, total payout is still very competitive (superior?) to the GEL case.
— J4 high payout (5k/m), based on imagination not evidence. I feel I would need lots of unknown “resources” and “support” at least during the initial years of Adjustment.
  • training
  • treatment
  • aids
  • things to keep me engaged i.e. meaningfully busy

Even with hospital bills covered by shield plans, my family would take on a heavy burden. We would need a full time caretaker. Each family member may need to change their personal plans to take care of me. Therefore, I would say compared to hospitalization, long-term care is heavier on family members and more disruptive.

Premium represents a $200/M burn rate (excl medisave) .. a bit too high in my involuntary non-working phase. Risk of over-protection. Sizing should be done based on needs.. as we aren’t affluent.

Even though I am very healthy now, I feel this health is so /precious/…

Beware the risk of overestimating the probability of hit and probability of payout.

— Having $5k/M income would provide a motivation to live longer. (In additional, cpfLife is another $2k/month for every month I’m alive). See living for decades with a condition[disability++]

— level non-guaranteed premium: I guess there are three types of schemes in terms of year-on-year changes. MyCarePlus and GEL plan are Type 2

  1. Type 1: fixed at $4000 forever
  2. Type 2: level premium, but non-guaranteed, subject to change by Aviva, based on future claim experience. If there are too many claims by other MyCare members, Aviva would need to collect more premium from other members (like me) to avoid running a loss.
  3. Type 3: non-level premium — jumps higher every few years.