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Singapore Budget 2019: Singapore to set aside another S$3.1b for Long-Term Care Support Fund
SINGAPORE will set aside another S$3.1 billion into a new Long-Term Care Support Fund, Finance Minister Heng Swee Keat said in Parliament on Monday.
This is on top of the S$2 billion earmarked last year for premium subsidies and other forms of support for Singaporeans.
"The government will put this S$5.1 billion into a new Long-Term Care Support Fund. This will help fund the CareShield Life subsidies and other long-term care support measures, such as ElderFund,'' the minister said, adding that this is a significant commitment to help Singaporeans with their long-term care needs.
The Ministry of Health (MOH) has estimated that one in two healthy Singaporeans aged 65 could become severely disabled in their lifetime, and may need long-term care. Today, MediShield Life provides financial protection against large hospital bills, for life.
MOH has announced it would be introducing the new CareShield Life from 2020, an enhancement of current ElderShield scheme. CareShield Life will provide lifetime coverage, with higher monthly payouts of at least S$600 a month for those who become severely disabled. This offsets the costs of long-term care.
The government will provide subsidies and premium support to ensure that CareShield Life premiums are affordable. In addition, ElderFund will be launched next year, to help severely disabled, lower-income Singaporeans who need additional financial support for long-term care. This includes those who might not be able to join CareShield Life, or have low MediSave balances.
For all of our Singapore Budget 2019 coverage, news, analysis, and infographics visit bt.sg/budget19