Long-term care support schemes are increasingly being focused on and that is no surprise, given the inevitable issue of the aging population that we are going to face.
Two of the newer CPF-related terms that we are going to be acquainted with are MediSave Care and CareShield Life.
CareShield Life
CareShield Life should be familiar to more people as it was announced in September last year. To take it word-for-word from CPF official website, CareShield Life is a long-term care insurance which provides financial protection against long-term care costs of Singaporeans – basically better protection and assurance for basic long-term care needs via the following –
- Lifetime cash payouts for as long as the insured remain severely disabled
- Increasing payouts starting at $600/month
- Government subsidies to make it affordable and no one will lose coverage even if they cannot pay premiums
- Premiums can be fully paid by MediSave
I think that the key criteria here is know...