Wednesday, July 4, 2018

Strengthening S'pore's support for Long-Term Care




Faced with falling birth rates, Singapore’s population is now aging (ie: more elderly folks than young kids), and there will be more of us that are likely to need long-term healthcare and support as we age into our golden years.

In addition to your own savings, health insurance plans and family support for your retirement, the Govt has announced that it is introducing 3 new schemes to further strengthen its framework to support S’poreans long-term care needs and expenses.


CareShield Life
This is a new long-term care insurance scheme which has lifetime cash payouts for S’poreans who become severely disabled. Premiums can be fully paid out from your CPF’s medisave account and there will be incentives and subsidies to make the premiums affordable.






MediSave Cash Withdrawals for Long-term Care
S’poreans who are severely disabled will be able to withdraw up to $200 per month from their MediSave accounts to support their long-term care needs and expenses.



ElderFund
This is a new assistance scheme for lower-income, severely disabled S'poreans who are not able to join CareShield Life, or have low MediSave balances and inadequate personal savings to meet their long-term care needs. They will be able to receive up to $250 per month.






  
These new Schemes will be implemented from 2020 and are part of the Govt’s key social policies to strengthen social risk-pooling, facilitate the use of personal and family savings and provide an additional safety net for long-term care expenses.

Taken together, and combined with other Government schemes and personal and family savings, the measures will give Singaporeans better assurance and peace of mind that they will be protected and supported for their long-term care needs, for life.

Click here for the MOH Press Release on these new Schemes. 

For more information, please visit www.careshieldlife.sg






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