for MediShield Life. Medifund Created in April 1993, Medifund helps the poor and needy to cover their medical bills. It acts only as a backup scheme when CPF members have depleted their other health savings accounts. Medifund has a list of approved institutions and requires a comprehensive amount of documentation for applicants. Protection Schemes Eldershield ElderShield is a severe disability insurance scheme that provides monthly cash payout of $300 or $400 up to a maximum period of 5 or 6 years. CPF members with a Medisave account will be automatically enrolled into the scheme once they reach 40 years old unless they opt-out. In order to make a claim under this scheme, a person must lose the ability to perform at least three out of the six daily activities: Washing, Dressing, Feeding, Toileting, Mobility, Transferring. As of 2018, depending on the payout, entry age and gender, the annual premium for Eldershield ranges from $152 to $3132. This premium is non-guaranteed and may be adjusted in the future. According to Minister for Health Gan Kim Yong, about $2.6 billion have been collected in premiums for ElderShield, out of which around $100 million have been paid out in claims and $130 million in premium rebates from its inception in 2002 to end 2015. According to Gan Kim Yong, ElderShield collects premiums while the policyholder is aged 40 to 65, and provides lifetime coverage from age 40, even after the policyholder reaches 65 and stops paying premiums. The total amount of premiums collected exceed the amount of claims paid to-date because the premiums collected are meant to provide coverage against future claims throughout policyholders' lifetime. Careshield Life On 25 May 2018, the Ministry of Health announced that it will be introducing a mandatory insurance scheme that will enhance the existing Eldershield by 2020 for those aged between 30 and 40. Similar to Eldershield, to claim under Careshield Life, one has to lose the ability to perform at least three out of six daily living activities. Careshield Life premium has a longer payment period of 38 years (variable depending on re-employment age cap) compared to 26 years for Eldershield and there is no way to opt out unlike Eldershield. The annual premium is also higher, starting at $200 for men joining at the age of 30 and $250 for women, with premium rising at 2% per annum initially. The monthly payout starts at $600