My buddy at work shared with me that when her grandmother was alive, she became ill with dementia. The children still needed to work, and the final decision is to put her in a nursing home. The bill was $3,000 monthly.
My maternal grandmother had a fall early this year, and her children disallowed her to live alone anymore (much to her near violent objection, however, she finally lost the arguement, and now living with one of my aunts). Prior to the current arrangement, the possibility of a nursing home was considered. The quote given by the nursing homes was $3,000 monthly.
My grandfather has an injury in his nerve, and can no longer walk for many years. He has a nasty temper, so if he were to go to a nursing home, I think there will be lots of casualties in there. Thus, he stays at home with my grandmother, and a maid. The maid is employed specially to tend to my grandfather. With all expenses in, the domestic service should amount to $700 or more per month.
What do the above real-life scenarios tell me? Cost. Big cost.
My grandfather's scenario yielded the least cost because apart from the injury, he is actually pretty healthy. He and I debate over the current markets and political situations, and because he is just in front of the TV the whole day, he is even more up to date than I am (maybe he should start a blog too)!
My other grandmother's fall gave only a temporary (but pretty serious) injury. She has now since recovered and back with a vengeance.
But my buddy's grandmother's scenario is a very real example of health gone really really wrong. In the event that a family member becomes disabled -- be it physically or mentally -- to the point that close care is necessary, that's when the crunch comes in.
Did you read earlier that the monthly bill was $3,000 at the nursing home?
The government has a national severe disability insurance scheme for CPF members that provides monthly income to the family of the caregivers. Based on the above 3 scenarios, my buddy's grandmother and my grandfather would already qualify for the benefits, except that they do not have this plan in force when their disability happened.
The government's version -- called Eldershield -- at best, provides from $300 to $400 monthly only, and pays up to 6 years only. Coverage ends at age 65. That may have helped cover about half of my grandfather's maid's expenses. But for a much severe case like my buddy's grandma, the amount is only a consolation.
Then there are the supplementary versions that can extend the coverage to $2,500 a month, and with a lifetime payout every month should the disability qualify. Boy, won't it help the family!
I told my Dad and Mum that if they don't have this coverage, and if there is a need to hire a nurse to tend to them, my sis and I will be financially killed. Sounds so blunt, but that's a true fact.
Premiums for these plans, by the way, can be paid using Medisave.
I won't put details here and for corporate compliance, I cannot share information of the products on this blog. At best, I can only forward you to the relevant companies' websites.
- Aviva - http://www.aviva-singapore.com.sg/ElderShield
- Great Eastern Life - http://www.lifeisgreat.com.sg/ElderShield
- NTUC Income - http://www.income.com.sg/insurance/eldershield/
But if you are keen to find out how exactly it facilitates your family, drop me an email.
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