(Also known as Careshield life supplement!)
Question: What are the TOP 3 causes of disability?
Question: What is MyLongTermCare (MLTC)?
It is a government-approved disability plan that gives you additional payouts on top of your Careshield Life or Eldershield payouts, for life!
It covers you and your loved ones when you become severely disabled!
Question: So, what exactly is severe disability?
It is a person that needs long-term care and cannot perform at least 3 out of the 6 Activities of Daily Living (ADL) independently.
An acronym for easy reference would be Mon(Mobility), Tue(Transferring), Wed(Walking), Thur(Toileting), Fri(Feeding) and Sat(Dressing).
Question: What is the differences between MLTC & MLTC PLUS?
Do you know you can get payout if you cannot perform at least 2 out of the 6 ADLs? There are 2 types: MLTC and MLTC Plus! What’s the difference?
Let’s meet Tim’s Family
What is their monthly income, expenses and savings?
Their total income is $9,000 and their total expenses are $4,800. Monthly, they would save around $4,200. Hmm…sounds like a good amount of saving!
Something happened to Tim
He got into a car accident and is severely disabled. He is no longer able to work and his wife, Tina, is the sole breadwinner. Look at how their income, expenses and saving changes.
With only Tina’s income, it is impossible to cover their expenses. Now, they incur additional long term care cost ($2,324). Here is a breakdown of the additional long term care cost they incurred.
The loss of Tim’s income and the additional long term care cost incurred, their saving becomes negative! They need to take out at least $3,124 from their previous savings. Do you think they will be able to keep up with the cost?
Luckily, they bought MLTC beforehand!
With the MLTC payout ($2,600) and Careshield Life payout ($600) for Tim, they can generate a $76 saving!
The benefits of MLTC that saved Tim’s family!
With these benefits, they were able to receive at least $2,600 payout and still managed to have some savings! Also, Tim’s premium is waived due to his disability. MLTC plus really saved Tim’s family!
"Severe disability is unpredictable
but
getting necessary care for it shouldn't be."
Here is a link for consultation! https://www.aia.com.sg/en/FinancialAdvice.html?RSID=32450