On Monday 19 February 2018, Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament with emphasize on strategy to foster a caring and cohesive society to address the shift to an ageing population in Singapore.
With advancements in healthcare and medical technologies, by 2030 the number of Singaporeans aged 65 and above is projected to double to 900,000. That means 1 in 4 Singaporeans will be in that age group, up from 1 in 8 today.[1]
With this rising life expectancy also brings the challenge of how we can fund our future long term care costs. The key question is who is responsibilie for looking after us if we need care during our old age?
The older we get, it becomes more likely that we may need day-to-day supervision or help with activities of daily living such as washing and dressing. This type of support, along with some types of medical care, is called long-term care.[2]
Did you opt out from ElderShield? The national severe disability insurance scheme which provides basic coverage to those who need long-term care, especially during old age. The monthly cash payments help pay for the care of a severely disabled person.
Do you know that you can complement ElderShield by buying an Eldershield Supplement and the best part is premium can by paid using Medisave (subject to a maximum limit).
Things to note when planning for your long term care needs are:
- Who in your family may most need long tern care and for how long?
- Do you have sufficient money to pay for future long term care fees?
- How long moght you need to pay for the long term care fees?
- Is there a likelihood that home care or nursing home may be required?
- Would your home require additioal features such as stair life or a bath seat?
For more information about planning for long term care needs, please speak to your financial planner.
[1] https://www.population.sg/articles/older-singaporeans-to-double-by-2030
[2]https://www.moh.gov.sg/content/moh_web/home/our_healthcare_system/Healthcare_Services/Intermediate_And_Long-Term_Care_Services.html
Please note:
The information contained in this article is for general guidance on matters of interest only. While we made every attempt to ensure that the information contained herein has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. Neither the information presented nor any opnion expressed constitues a solication for the purchase or sale of any financial products. As such, before taking any action you should seek advice from an independent professional advisor.
