Have you ever heard of the saying: “You can die in Singapore, but you cannot fall sick – the cost of healthcare is very high!”
It is unfortunate if we would experience this ourselves but falling ill or experiencing an accident could come at the least expected times and not within our control.
But what kind of healthcare costs are we looking at to incur? I hope this article will provide a good idea.
Long-term care is defined to meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods.
There are 3 categories of Long-term care which I will comment on:
- Family care
- Inpatient Care
When one requires long-term care, a family member is likely to fill the void to provide care and comfort. This comes with sacrifice to the family member by having to shift their priorities around the beneficiary, examples are like taking hours off work, giving up a promotion or perhaps even stopping work altogether. Spending time with the beneficiary also takes attention away from their other loved ones, which inevitably strains relationships.
We realize that even though this may cost the least additional money to the family, some of the impacts cannot easily measured – human capital, personal goals/dreams, family relationships.
Employing the help of a Caregiver making routine visitations is likely to cost $100-200/visit.
Some families hire a full-time domestic helper, this would cost upward of $700/mth or more depending on how equipped and comfortable the domestic helper is to take on tasks such as administering medication, taking readings, showering an adult, and changing diapers to name some examples.
This is likely a cause of situations where the beneficiary requires more round-the-clock attention, with inpatient care or facilities such as therapy and rehabilitation.
This ranges widely from Community Hospitals, Nursing Homes to Hospice Care. Costs may vary between $1,200 to $8,000/month.
Wow, that involves a lot of money! We have not considered additional expenses towards transportation, cost of medication, renovative adjustments to the house, etc. It is certain that situations like these will cause a big amount of stress, time, and financial resources to the family. This is where the recently introduced CareShield Life insurance scheme comes in to relieve some of these expenses. Check out the link to my blog post I wrote about What You Need to Know about CareShield Life https://joshuahoong.sg/2020/08/31/what-you-need-to-know-abour-careshield-life-the-latest-compulsory-long-term-care-insurance/
Stay tuned for my next post as I compare Careshield Life with other forms of insurance you might have come across.
Get in touch with me for a complimentary 1-1 consultation to help you plan to meet your financial needs at all stages in your life. Schedule your appointment now via Whatsapp at https://wa.me/6592218526
Disclaimer: The views expressed here are solely those of the author in his private capacity and not necessarily to the author’s employer, organization, committee, or other group or individual.