Singlife warns of gap in care costs with ageing population

Long-term care costs have risen to an average of nearly S$3,000 per month.

Singlife has released a white paper warning of a widening gap between the cost of long-term care in Singapore and the public’s financial readiness to handle it.

According to Singlife’s data, long-term care costs have risen to an average of nearly $2,340 (S$3,000) per month, up from $1,813 (S$2,324) in 2018, the report, titled “From Awareness to Action: Securing Long-Term Care for a Super-Aged Society”, showed.

The report also draws on 14 years of Singlife’s claims data, in-house studies, and expert insights. It calls for better planning as Singapore moves toward becoming a super-aged society.

This reflects an annual inflation rate of about 4%. However, more than half of survey respondents significantly underestimate this cost.

Government schemes like ElderShield and CareShield Life currently provide up to $516 (S$662) in monthly payouts—far below actual care needs.

Singlife found that only one in three Singaporeans aged 30 and above have purchased supplementary long-term care insurance, leaving many to depend on personal savings or family members, which could strain retirement resources.

Claims data from 2010 to 2024 also show that individuals typically require care for around 10 years, with the longest ongoing claim surpassing 15 years.

Singlife noted that long-term care isn’t limited to older adults—the youngest claimant was only 32 years old.

The paper outlines five main recommendations: focusing on early detection and prevention of major health events like strokes; including long-term medical care in retirement planning; promoting physical and mental well-being for active ageing; strengthening community-based support systems; and improving coordination between public and private care services.

($1.00 = S$1.28)