CareShield Life is a national long-term care insurance scheme in Singapore, designed to provide basic financial support for Singapore Citizens and Permanent Residents who develop severe disability and require long-term personal or medical care.
Coverage and who is insured
If you are a Singapore Citizen or Permanent Resident born in 1980 or later, you are automatically covered under CareShield Life from 1 October 2020, or when you turn 30, whichever is later.
If you are born on or before 1979, participation is optional (subject to eligibility) and the scheme provides routes for you to be enrolled.
The scheme covers you for life once you are insured (subject to meeting premiums and eligibility for claims when disabled).
Claims / payouts
You become eligible for monthly payout support if you are assessed as severely disabled — meaning you require full assistance with at least three out of six Activities of Daily Living (ADLs) (bathing, dressing, feeding, toileting, mobility, transferring).
The payout starts at S$600 per month in 2020 and will increase each year until you reach age 67 or when you make a successful claim, whichever is earlier.
How does GoalsMapper handle CareShield Life Basic premiums?
The entry premium depends on the age and cohort of the individual when they join the scheme.
In GoalsMapper, users simply enter the entry premium, and the system will automatically project future premiums based on the official annual premium growth rates provided by CareShield Life.
Premium Growth Rates for CareShield Life
| Year | Annual Growth Rate | Remarks |
|---|---|---|
| 2020 - 2025 | 2% per year | |
| 2026 - 2030 | 4% per year |
As announced in the CareShield Life 2025 review, annual CareShield Life premium increases from 2026 to 2030 will be moderated to about $38 on average, and no more than $75
https://www.cpf.gov.sg/service/article/how-much-will-my-careshield-life-premiums-increase-and-what-happens-after-i-reach-67 |
| 2031 - | 4% per year |
(Note: Actual growth rates follow the official schedule from the Ministry of Health; GoalsMapper applies these rates automatically.)
**For year 2026 - 2030, GoalsMapper assumes a 4% growth rate as it is not possible to determine the actual growth rate between $38 to $75.
How does GoalsMapper calculate CareShield Life payout projections?
Users only need to provide the entry payout amount and the entry age.
GoalsMapper will automatically apply the annual payout increase rate set by CareShield Life to project future payouts across the client’s planning horizon.
| Year | Annual Growth Rate |
|---|---|
| 2020 - 2025 | 2% per year |
| 2026 - | 4% per year |
Do I need to manually adjust future premium or payout changes?
No. GoalsMapper incorporates the published growth rates for both premiums and payouts. If MOH updates future rates, these will be incorporated into the system accordingly.