Long-term care costs vary depending on one’s care needs and arrangements, whether the individual stays at home, goes to a care centre, or enters residential care. Each individual and his or her family may finance these costs differently depending on his or her financial resources and personal circumstances.

The starting payout from CareShield Life of about $600/month will enable Singaporeans to afford their basic long-term care costs by easing their out-of-pocket expenses as the payouts complement their personal savings (including MediSave) and family support. There are also existing government subsidies, assistance schemes, and community support, especially for lower income Singaporeans. Those who wish to have additional insurance coverage can also opt to purchase supplements on top of CareShield Life.

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 is sourced from MOH