Singapore’s population is ageing, and more Singaporeans will need long-term care as they grow old. A stronger long-term care financing system supported by government subsidies, insurance, personal savings and family support provides Singaporeans greater assurance that they can afford aged care services for themselves and their loved ones.
The Government has announced that it will further strengthen long-term care financing, through a comprehensive package of measures:
- The Government will introduce CareShield Life, a new long-term care insurance scheme, and provide premium support and incentives for Singaporeans to join the scheme.
- The Government will allow MediSave withdrawals in cash to support long-term care needs and expenses.
- The Government will set up ElderFund, a new assistance scheme for lower-income Singaporeans who are severely disabled and who need additional support for their long-term care needs.
To be implemented from 2020, the measures are part of our 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.
Commenting on the measures, Minister for Health Mr Gan Kim Yong said “Ensuring affordable, accessible and inclusive long-term care is a challenge for all ageing societies. This package of measures, including social risk-pooling through CareShield Life, government subsidies and assistance, community support, and personal and family savings, reflects our vision to nurture an inclusive society where all of us come together to support Singaporeans for their long-term care needs and provide them with greater assurance and peace of mind.”
Please refer to Ministry of Health’s press release for more information on the various initiatives.
Source: “Government to Strengthen Long-term Care Financing for All Singaporeans” (Ministry of Health, 3 July 2018)