What exactly is CareShield Life?
It may sound like a type of nut, but it is our improved national long-term care insurance scheme that replaces the old version – ElderShield.
So why do we need long-term care insurance?
A study has found that Singaporeans are spending a bigger part of our lives in poor health compared to 30 years ago.
According to the Health Promotion Board, 1 in 4 Singaporeans aged 40 years and above has at least 1 chronic disease.
Families have generally become smaller too. This leads to a declining old-age support ratio – the number of working children to provide care for every elderly.
And depending on circumstances, long-term care could cost between $1,000 to $4,000 per month, for services such as home care, day care and nursing home.
This is where long-term care insurance comes in to alleviate the financial burden.