Jessica Tan on CareShield Life and Long-Term Care (Amendment) Bill
Refining property annual value (AV) as a criterion for means testing for long-term care support is vital if Singapore policies are to keep pace with evolving demographic and caregiving realities. MP Jessica Tan said this in parliament on Wednesday (Oct 15). She voiced concern over the affordability of CareShield Life premiums, which are set to rise along with higher payouts. Specifically, she said retirees with modest assets but limited cash flow, who fall just outside means-tested thresholds, may struggle. This applies not just for CareShield Life but eligibility for other long-term care schemes too. Ms Tan asked if the Ministry of Health would consider tiering AV thresholds by age, adjusting the AV cut-off for older cohorts who own only one property; and taking into account the number of people requiring caregiving in a household, which would help support the sandwiched generation.
Refining property annual value (AV) as a criterion for means testing for long-term care support is vital if Singapore policies are to keep pace with evolving demographic and caregiving realities. MP Jessica Tan said this in parliament on Wednesday (Oct 15). She voiced concern over the affordability of CareShield Life premiums, which are set to rise along with higher payouts. Specifically, she said retirees with modest assets but limited cash flow, who fall just outside means-tested thresholds, may struggle. This applies not just for CareShield Life but eligibility for other long-term care schemes too. Ms Tan asked if the Ministry of Health would consider tiering AV thresholds by age, adjusting the AV cut-off for older cohorts who own only one property; and taking into account the number of people requiring caregiving in a household, which would help support the sandwiched generation.
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