Ng Chee Meng on CareShield Life and Long-Term Care (Amendment) Bill
The enhancements to CareShield Life are timely as Singapore approaches a “super-aged” society, said MP Ng Chee Meng. Speaking in parliament on Wednesday (Oct 15), he stressed the need to look into three areas - payout adequacy, premium affordability and the “caregiver compact”. On payout adequacy, Mr Ng suggested pegging payouts to cover at least a certain proportion of long-term care costs to give families a clearer picture and to plan early. Turning to affordability of premiums, he suggested capping them at a fixed percentage of the median per-capita household income so that they are fair and sustainable across income groups. On refreshing the “caregiver compact”, he urged the government to provide CPF top-ups to primary caregivers who lack retirement savings due to caregiving.
The enhancements to CareShield Life are timely as Singapore approaches a “super-aged” society, said MP Ng Chee Meng. Speaking in parliament on Wednesday (Oct 15), he stressed the need to look into three areas - payout adequacy, premium affordability and the “caregiver compact”. On payout adequacy, Mr Ng suggested pegging payouts to cover at least a certain proportion of long-term care costs to give families a clearer picture and to plan early. Turning to affordability of premiums, he suggested capping them at a fixed percentage of the median per-capita household income so that they are fair and sustainable across income groups. On refreshing the “caregiver compact”, he urged the government to provide CPF top-ups to primary caregivers who lack retirement savings due to caregiving.
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