Eldershield; the name does put many ladies off; as most of us do not feel we are Elderly just because on our attainment of the BIG 4-0. Strangely, that is the name which is adopted by Singapore’s Long Term Care Plan and for some; a disability income plan from the Government.
Jokes & ego aside, with our little red dot’s aging community; a vast majority of our population is hitting 40 and above and while we talk about retirement planning, have we done a reality check on our medical and long term care planning as well? Sometimes some Eldershield candidates will give reasons like they have big families with siblings to help care for one another or they have enough financial resources to take care of their elderly needs but the gravity of the situation remains:
We need PROFESSIONAL caregivers, as a personal or family caregiver will be emotionally drained if it is done on a daily basis and so will the money which funds it.
Long Term Care is a financial blindspot in many countries because what is not known is that an average of S$2000/month is needed and if you do not have the financial means, all your retirement & medical planning will come to zilch; since the loss of income is for 2 people (the “elderly” one and the caregiver). Here are some numbers to crunch on (as at June 2015):
Community Hospital : S$8000 per month
Nursing Home : S$1200 – S$3000 per month
Hospice (Inpatient) – S$7000 per month
Day Care Centre – S$700 – S$850 per month
If you want to take action now for yourself or your loved ones with Aviva Singapore, do contact us now! In any case, a big proportion of the premiums can be funded by your Medisave.