Singlife has released a white paper titled “From Awareness to Action: Securing Long-Term Care for a Super-Aged Society,” highlighting the urgent need for improved financial readiness and awareness of long-term care in Singapore. Drawing on data from Singlife’s insurance claims and research studies, the paper reveals that the average cost of long-term care is nearly S$3,000 per month, a figure underestimated by more than half of the respondents.
The paper underscores a critical gap between the coverage provided by national schemes like ElderShield and CareShield Life, which offer up to S$662 per month, and the actual costs incurred. With only one in three Singaporeans aged 30 and above having supplementary insurance, the financial burden on individuals and families is significant. Singlife’s data indicates that long-term care is required for an average of 10 years, with some cases extending beyond 15 years, affecting not just the elderly but younger individuals as well.
Singlife’s CEO, Pearlyn Phau, emphasised the need for a shift from passive awareness to active preparation, urging collaboration between public and private sectors to make long-term care more accessible and coordinated. The launch of the white paper was accompanied by a panel discussion featuring experts from Dementia Singapore, NHG Health, and others, addressing the challenges and solutions for managing rising long-term care demands.
As Singapore approaches a “super-aged” status by 2026, with one in five residents aged 65 and above, the white paper calls for aggressive public education and a comprehensive approach to ensure a sustainable and dignified long-term care system.
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