While dealing with the unknown is never easy, doing so while severely impaired can be even more challenging.
A person is considered to have a severe disability if they need assistance with three or more of the six activities of daily living (ADL), which include getting dressed, bathing, using the restroom, getting around the house, eating, and getting in and out of a chair or wheelchair.
Anyone, at any time, can be vulnerable to a serious illness. Despite the fact that aging is the greatest risk factor for diseases that can lead to severe disability, such as dementia, a chronic and progressive disease in which the individual progressively loses cognitive ability, severe disability can also result from unexpected life events. Paralysis can be the result of events such as car accidents or strokes. Diabetes, which can cause amputations and blindness and is also a risk factor for stroke, is one example of a chronic illness that might worsen or cause complications and lead to severe disability.
Some people may be surprised to learn that diabetes and the threats it poses to people’s health are a major issue for the country as a whole. According to the Minister for Health, Ong Ye Kung, “One in three individuals in Singapore is at risk of developing diabetes in their lifetime,” in his World Diabetes Day 2021 address. Without intervention, it is predicted that one million Singaporeans will be diabetic by 2050. In what ways does this affect these people? Medication and injections for the rest of your life (if you’re lucky); if not, blindness, limb loss, renal failure, and death. It’s hard on the sick and their loved ones in every way.
The need for long-term care and assistance with daily vital chores of life develops when a person is seriously incapacitated owing to such serious and continuing health issues. Both the person and their loved ones may feel stress as a result of this.
How much would it cost for you to receive long-term care?
Caregiving for an individual who needs constant monitoring and assistance with daily activities owing to a severe impairment is known as “long-term care.” The nature and duration of a person’s need for long-term care are not always obvious.
The cost of long-term care is often underestimated. You could require money for a variety of things, including:
- Getting a caregiver
- alterations to the house
- medication
- additives to the diet
- rehabilitation
- equipment to aid with daily activities (like a wheelchair)
A Long-Term Care Study conducted in 2018 estimated that the average monthly cost of long-term care in Singapore is S$2,324. In light of rising healthcare costs, this figure could now represent a substantial financial strain for many families.
How do you afford care in the long term?
Having long-term care insurance will make it less likely that you will have to use your funds on treatment and will make it simpler to get the care you require.
CareShield Life, a national severe disability insurance program, was made available on October 1, 2020, so that you can better plan for your future long-term care needs. Singaporean citizens and permanent residents who were born on or after 1 October 2020 were automatically registered in CareShield Life, regardless of any pre existing medical problems or disabilities.
If you were born in 1979 or earlier and aren’t automatically enrolled in CareShield Life, you can get a S$4,000 incentive to sign up for the program by December 31, 2023, which will be applied to your premiums over the course of ten years.
This government program is quite similar to the previously ElderShield program in that it provides a monthly reimbursement to those who have been diagnosed with a severe handicap in order to help cover the expense of long-term care.
CareShield Life claims can only be submitted when a serious disability has been determined. It is illegal for anybody other than a MOH-approved disability assessor to perform the evaluation.
CareShield Life provides greater payouts that continue over a lifetime if the claimant remains severely incapacitated, whereas ElderShield limits payouts to S$400 per month for a maximum of six years. CareShield Life benefits begin at S$600 per month in 2020 and grow with inflation until you reach age 67 or file a claim, whichever comes first. As a result, the premium amount, which is paid in full with MediSave funds, would likewise rise gradually. Following a claim, the policyholder is exempt from paying any further premiums.