Nobody wants to think about a time in the future when they won’t be able to take care of themselves. However, the reality is that Singapore is experiencing a growing need for long-term care. The emotional, physical, and financial burden of that need frequently falls on loved ones when it is not anticipated.
Because of this, long-term care planning is important for safeguarding your family as well as your wealth. It’s a loving gesture.
Singapore’s Long-Term Care Reality
One in two healthy Singaporeans over 65 will suffer from a severe disability at some point in their lives, according to the country’s Ministry of Health. Three out of ten will continue to be disabled for ten years or longer.
The inability to carry out at least three Activities of Daily Living (ADLs), such as dressing, eating, toileting, moving around, and transferring, is commonly referred to as severe disability.
Professional assistance is frequently required when that time comes, and it is not always free.
Costs for medical supplies, assistive technology, home nursing, full-time carers, and transportation can mount up rapidly. Even though there are some subsidies, many families still have to pay hefty out-of-pocket expenses.
More significantly, loved ones bear the financial burden if there is no plan in place. This could indicate:
- Adult children using up their CPF or savings
- Delaying retirement, spouses
- Siblings taking on the role of full-time carers
- Financial responsibilities cause family strife.
- An entire household may be affected financially, frequently at the most inconvenient moment.
Extended-Duration Care Making Plans as a Loving Act
Making plans for your own care is one of the most responsible and loving things you can do for your family; it is not selfish. This is the reason:
1. It Maintains Dignity
You keep control over the type of care you receive and how it is paid for by making decisions now.
2. It Preserves Connections
One of the main causes of family conflict is money. By taking care of your own needs, you relieve others around you of the worry and uncertainty.
3. It enables loved ones to provide emotional support rather than monetary support.
Instead of rushing to find a way to pay for it, your family can concentrate on providing you with emotional support.
CareShield Life: A Planning Aid
To assist people in managing the expense of long-term care, Singapore launched CareShield Life.
This is why it’s such an important component of your plan:
- Once you are seriously disabled, you will receive lifetime monthly payouts beginning at $649 per month (as of 2025).
- Over time, payouts rise to reflect inflation.
- MediSave is fully payable; most don’t require a cash outlay.
- Lifetime coverage
- All Singaporean citizens and permanent residents are eligible, and those born in 1980 or later are automatically enrolled.
The payouts can significantly lessen the strain on loved ones, even though they might not cover all of your care. For larger or additional payouts, you might also look into private insurers’ CareShield Life Supplements.
What More Can You Do to Get Ready?
Here are some additional doable actions in addition to using CareShield Life:
- Establish a specific long-term care fund by topping up your CPF or saving regularly.
- Examine your insurance portfolio to make sure critical illness and disability income protection are included.
- Don’t leave family members in the dark about your preferences.
- To review your care requirements and coverage gaps, speak with a financial advisor.
A Budget for Mental Calm
Fundamentally, financial planning is about peace of mind rather than money. Additionally, peace of mind in regards to long-term care is knowing that:
- You’ll receive excellent care.
- Your care requirements won’t put your family in financial jeopardy.
- You’ve taken proactive measures to safeguard everyone’s future.
- The ability to handle life’s challenges with dignity and confidence is the essence of financial freedom.
By being proactive and using resources like CareShield, you’re not only safeguarding your own health but also sending a strong message to your loved ones: “I’ve got you on my mind.” I have something planned for you. You’re not by yourself. That is the manifestation of love.
Take action now. If you need help as to where to start, feel free to contact us for a non-obligatory chat.
Read next : “Understanding CareShield Life: How Singapore’s National Long-Term Care Insurance Works“
