Singaporeans rely on CPF as primary source for healthcare future financing: report

Gen X and Baby Boomers were found to rely on CPF the most.

In Singapore, 61% of individuals primarily rely on their Central Provident Fund (CPF) to support their healthcare needs as they age, according to Prudential Singapore.

Amongst those relying on CPF, 70% are Gen X and 66% are Baby Boomers.

Meanwhile, 53% expect to use a health, life, or other insurance plan to cover future healthcare needs. Of these, 61% are Millennials.

In addition, 59% of Singaporeans plan to rely on cash savings. However, only 46% are actively accumulating savings to cover future health eventualities.

“This is concerning given the need to make out-of-pocket healthcare payments, especially for outpatient care, which is often required over the long term for chronic conditions. Experts emphasise that individuals should not rely solely on a single source of financing to meet future healthcare costs,” Prudential Singapore said.

Prudential surveyed 1,014 Singaporeans aged 20 to 70.