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The Big Story: CareShield Life payouts set to rise in 2026, but does it really ease long-term care burdens?

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Manage episode 504352326 series 2467889
Content provided by SPH Radio and MONEY FM 89.3. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by SPH Radio and MONEY FM 89.3 or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

CareShield Life, the national long-term care (LTC) insurance scheme, will be enhanced from Jan 1, 2026, with higher monthly payouts and more government support to help policyholders cope with the resulting premium increases.

CareShield Life’s monthly payouts will grow at a rate of 4 per cent a year, from the current 2 per cent. To mitigate the impact of the resulting premium hikes, the Government will provide an additional $570 million in premium support over the next five years.

But experts say it remains a basic scheme that might cover only a small portion of the overall costs associated with LTC needs, and should be viewed as part of a broader support ecosystem

Will these changes really go far enough in meeting Singaporeans’ long-term care needs? And what might this mean for families planning ahead?

On The Big Story, Hongbin Jeong speaks with Alex Lee, President of Singapore Actuarial Society, to find out more.

See omnystudio.com/listener for privacy information.

  continue reading

4948 episodes

Artwork
iconShare
 
Manage episode 504352326 series 2467889
Content provided by SPH Radio and MONEY FM 89.3. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by SPH Radio and MONEY FM 89.3 or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

CareShield Life, the national long-term care (LTC) insurance scheme, will be enhanced from Jan 1, 2026, with higher monthly payouts and more government support to help policyholders cope with the resulting premium increases.

CareShield Life’s monthly payouts will grow at a rate of 4 per cent a year, from the current 2 per cent. To mitigate the impact of the resulting premium hikes, the Government will provide an additional $570 million in premium support over the next five years.

But experts say it remains a basic scheme that might cover only a small portion of the overall costs associated with LTC needs, and should be viewed as part of a broader support ecosystem

Will these changes really go far enough in meeting Singaporeans’ long-term care needs? And what might this mean for families planning ahead?

On The Big Story, Hongbin Jeong speaks with Alex Lee, President of Singapore Actuarial Society, to find out more.

See omnystudio.com/listener for privacy information.

  continue reading

4948 episodes

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