Will I get higher subsidies if I am of an older age since my CareShield Life premiums will be higher?

If you are born in 1979 or earlier, you will receive means-tested subsidies of up to 30% on your base premiums for CareShield Life. Given that premiums increase with age, the annual subsidies for older Singaporeans will also be higher to offset the higher annual premiums. 

The Government will also be providing participation incentives of between $500 ($50/year) and $2500 ($250/year) to encourage those born in 1979 or earlier to join the scheme by 31 December 2023. The incentive amount is tiered by age, and older Singaporeans will receive higher incentives. Merdeka and Pioneer Generation citizens will receive additional participation incentives of $1,500 ($150/year), with the total participation incentives coming up to $4,000 ($400/year). The participation incentives will be spread equally over 10 years and will be used to offset premiums payable for each year. 

To encourage more Singapore Citizens to join CareShield Life, those who join and are covered between 1 January 2024 and 31 December 2024 will receive participation incentives of up to $1,875 ($187.50/year). Additional participation incentives of $1,125 ($112.50/year) will be provided to Merdeka and Pioneer Generation citizens. 

Those who need more assistance with their premium payment after subsidies and the participation incentives will receive Additional Premium Support, and no one who joins CareShield Life will lose coverage due to financial difficulties.

For more information on the types of premium support available, you may refer to this page. For information on your personalised premiums and premium support, you may access the CareShield Life Premium Checker e-Service with your Singpass.

This information provided here is sourced from the MOH website.