Why is CareShield Life/ElderShield necessary for Singaporeans' long-term care needs?

The need for long-term care will rise as Singapore's population ages. One in two Singaporeans who are healthy at age 65 is expected to develop severe disability by the end of their lives. 

Variation in the duration of severe disability and the accompanying costs of long-term care, coupled with shrinking family sizes in Singapore, make it increasingly challenging to rely solely on personal and family savings to pay for one's long-term care needs. The expected median duration for which individuals with severe disability remain in disability is around four years, but three in 10 remain in severe disability for 10 years or more.

Long-term care insurance schemes like CareShield Life and ElderShield help Singaporeans to pool their risks together within their cohort so that each Singaporean within that cohort has basic financial protection against the uncertainty and variability of the cost of long-term care. They complement other long-term care financing sources, such as Government subsidies, Government assistance schemes, community support, personal savings and family support.

This information provided here is sourced from the MOH website.