It’s Time To Think About Long Term Care

It’s a well-known fact that Singapore has an ageing population. It is estimated that by 2035, 32 per cent of Singaporeans will be aged 65 and above – that’s 1,792,000 people! A greying society comes with the need to educate ourselves about Long Term Care, since the chances of you knowing someone who might require such care is high – be it in the present or future.
While the life-expectancy rate of Singaporeans is increasing, we still spend an average of eight years in ill-health. That’s when Long Term Care might be needed, as the risk of disability is higher as one ages. According to the Ministry of Health, long term care services are typically required for persons who need further care and treatment after being discharged from an acute hospital as well as community-dwelling seniors who may be frail and need supervision or assistance with their activities of daily living.
In essence, Long Term Care would involve support for an individual’s basic tasks, and can include costs such as staying in a nursing home, hospice or hiring a domestic helper. These can add up to quite a hefty sum, especially if not covered by insurance. According to Aviva’s Long Term Care Study in 2011, Long Term Care costs an average of $2,150 a month. Multiply that by eight years and well, you do the math.
However, the government does have subsidies available for Singaporeans and Permanent Residents, given the individuals meet the criteria of the Long Term Care service provided, and are receiving care from MOH-funded service providers. A means test will be conducted to determine the amount of subsidy given, with low-income persons receiving higher subsidies.

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Subsidies for Subsided Wards in Community Hospitals

*Applies to six or eight bedded wards only

Subsidies for Residential Services (Except Community Hospitals)

Sunsidies for Residential Services
*This applies to Chronic Sick Hospitals, Inpatient Hospices, VWO Nursing Homes, Private Nursing Homes on Portable Subsidy Scheme, Ex Mentally Ill Rehabilitation Homes and Ex Mentally Ill Sheltered Homes. **Tables taken from HealthHub
Evidently, Long Term Care is something that we need to be prepared for, no matter how daunting it may seem. It is wise to start saving for it, be it for yourself or for a loved one.

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