Planit:Eldershield and Medishield Insurance Exercise Answer Key

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This case study is specific to financial planning in Singapore, so has fixed values rather than indices by country. For a similar case study applicable to other case studies, please see Planit:Detailed Insurance Policies Exercise orPlanit:Detailed Life and Disability in One Policy Exercise.

Question One:

Ming has purchased Eldershield coverage, which provides $400 each month for six (6) years in order to fund long-term care expenses. Elsie purchased Medishield coverage years ago with a benefit of $60,000.

Answer:

To add Elsie’s Medishield:

  1. Click Policy again in the right hand corner
  2. Enter a Description for Elsie’s Medishield insurance.
  3. Set the Account Type and Regulatory Type to Insurance Policy
  4. Ensure that the Ownership is set to 100% for Elsie Lee.
  5. Here you can enter the Payment Mode as any of the options, since the Payment Amount is $0. She has already paid a flat amount for the coverage using her Medisave.
  6. Click Save
  7. Elsie’s Medishield should now appear on the summary screen. Click Coverage beside it to add value to the policy.
  8. Enter a new Description and set the Type to Personal Accident.
  9. The Insured is Elsie, and the Medical Reimbursement is $60,000.
  10. Click Save

To add Ming’s Eldershield:

  1. Click Policy again in the right hand corner
  2. Enter a Description for Ming’s Eldershield insurance.
  3. Set the Account Type and Regulatory Type to Insurance Policy
  4. Ensure that the Ownership is set to 100% for Ming An.
  5. Here you can enter the Payment Mode as any of the options, since the Payment Amount is $0. He has already paid a flat amount for the coverage using his Medisave.
  6. Click Save
  7. Ming’s Eldershield should now appear on the summary screen. Click Coverage beside it to add value to the policy
  8. Enter a new Description and set the Type to Long Term Care.
  9. The Insured is Ming, and the Daily Benefit is $13.33 ($400/month divided by 30 days/month).
  10. The Coverage Period (Years) is six (6) according to Eldershield specifications.
  11. Click Save
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