SINGAPORE: Long-term care in Singapore has become increasingly expensive, with average monthly costs now nearing US$2,340 (S$3,000), up from US$1,813 (S$2,324) in 2018, reflecting an annual inflation rate of about 4%, Singapore Business Review reported. It cited data from a Singlife white paper titled From Awareness to Action: Securing Long-Term Care for a Super-Aged Society.
The report warned that many Singaporeans are not financially ready to deal with these rising costs, especially as the country moves towards becoming a super-aged society by next year.
In mid-July, a study from Manulife also reported that fewer than half of high-net-worth individuals (HNWIs) in the city-state feel they’re financially prepared for long-term care and medical expenses later in life.
Currently, government schemes such as ElderShield and CareShield Life provide monthly payouts of up to US$516 (S$662), which fall short of what’s actually needed.
The report also found that only one in three Singaporeans aged 30 and above have supplementary long-term care insurance coverage, suggesting many are still relying on their personal savings or family for support.
The majority of individuals typically require long-term care for 10 years, with some cases lasting more than 15 years, according to claims data from 2010 to 2024. Meanwhile, the insurer pointed out that the youngest claimant in its records was just 32 years old.
To secure long-term care for an ageing society like Singapore, Singlife recommended early detection and prevention of major illnesses, adding long-term care to retirement planning, promoting physical and mental health, strengthening community support systems, and improving public and private services coordination to address these concerns. /TISG
Featured image by Depositphotos (for illustration purposes only)
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