Singapore’s Ministry of Health (MOH) has announced it will extend the participation incentives for CareShield Life for until 31 December 2024, enabling the citizens to claim up to $3,000 over 10 years if they join the program in 2024.
CareShield Life is Singapore’s long-term care insurance scheme for their citizens to provide them financial protection against severe disability. In a news release, the MOH said the Singaporean government at first announced participation incentives of up to $4,000 for citizens born before 1980 who sign up by the end of 2023 to encourage the Singaporeans to participate. The participation incentives will remain $4,000 until 31 December 2023. Thereafter, the incentives will be up to $3,000 for 2024 enrollees.
With the participation incentive, a member of the CareShield Life can receive monthly payouts starting at $637 in 2023, according to the MOH. This will increase annually until the member reaches age 67 or when a claim is made, whichever is earlier. The ministry said those who have severe disabilities will also get monthly payouts for life.
According to the MOH, more than 205,000 Singaporeans have joined CareShield Life since November 2021 and have benefited from these incentives. The recently announced incentives of $3,000 will be spread out over 10 years to help offset annual premiums.
CareShield Life premiums can be paid fully through MediSave, according to the ministry. The government will provide “means-tested premium subsidies” to ensure premiums are affordable.
For more information about how to join CareShield Life, visit www.careshieldlife.gov.sg.
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