How much should I set aside for my long-term care needs?

Long-term care costs will vary across individuals due to differing care needs and arrangements.

Individuals will also have different financing sources. For instance, Singaporeans with higher incomes will qualify for a lower level of subsidies for their care, and will need to draw more from other financing sources. In addition to existing Government subsidies and assistance schemes, those who require additional funding can also make monthly cash withdrawals of up to $200 from their MediSave from 1 October 2020. You can also consider supplementing your basic CareShield Life/ElderShield insurance with private savings or Supplements from the private insurers.

You are strongly encouraged to plan early and consider your future income, long term care arrangement preferences and how much insurance coverage and personal savings will be needed to finance these arrangements.

This information provided here is sourced from the MOH website.