As Singapore's population ages, more people will need long-term care. One in two Singapore Residents are expected to develop severe disability in their lifetime. The expected median duration for which individuals with severe disability remain in disability is around four years, but three in ten remain in severe disability for 10 years or more.

 

It is increasingly challenging to rely only on personal and family savings to pay for your long-term care needs, as not only are family sizes shrinking, the duration of severe disability and the costs of long-term care will vary for each individual.

 

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.