Singapore: Govt looks into administering long-term care insurance scheme
Source: Asia Insurance Review | Aug 2017
The Government is studying the possibility of taking over the running of ElderShield, following a proposal from a committee reviewing the national insurance scheme for long-term care.
In a statement, the ElderShield Review Committee said it “is of the view that there is merit in studying the value and feasibility of government administration of ElderShield, while retaining private insurers’ participation in the provision of long-term care insurance”.
Currently, Singaporeans come under ElderShield when they reach the age of 40, but can choose to opt out. They are assigned to one of three private insurers administering the scheme — Aviva, Great Eastern or NTUC Income.
The scheme provides payouts of up to S$400 (US$292) a month for up to six years, to help with nursing and long-term care needs should a person suffer from severe disabilities.
The committee is expected to complete the review and submit its recommendations to the MOH by the end of this year. Among the issues it had said it would look into are whether the scheme should be made mandatory and whether current payouts are sufficient. A