Singapore needs to prepare for a rapidly ageing population. In the next 10 years, the number of seniors (aged 65 & above) will double to almost over 900,000. As such, the Government has unveiled plans to ensure that the Silver generation can age healthily and gracefully.
There have been many useful subsidies by the Singaporean Government. If you are a caregiver or caring for the Silver generation, our guide is here to help you defray the high costs of healthcare and pick the best subsidy or scheme that best suit your needs.
Jaga-me’s The Silver Lining Subsidies is a three part series that covers a wide range of your expenses.
Flexi-Medisave allows older Singaporeans to use their Medisave accounts for outpatient treatments at public hospitals’ specialist outpatient clinics, polyclinics and general practitioners participating in the Community Health Assist Scheme (Chas) on top of other Medisave limits.
Each patient can use up to $200 of Medisave per year.
A patient aged 60 or above can use Flexi-Medisave for his outpatient visits.
A patient can tap on his own or his spouse’s Medisave, provided that his spouse is also aged 60 or above.
MediShield Life Premium Subsidies
What is it?
MediShield Life premiums are risk-pooled to support the payouts and benefits under MediShield Life. There are 4 types of Premium Subsidies:
Available for the first 4 years of MediShield Life, for all Singapore Citizens who face an increase in their net premiums for MediShield Life (i.e. after taking into account various subsidies the policyholder is eligible for) regardless of their household income or the Annual Value of their home.
In the first year, the Government will pay 90% of the net increase in MediShield Life premiums above MediShield premiums. This means that you only need to pay 10% of the net increase in your MediShield Life premium in the first year.
The Government will cover 70%, 40% and 20% of the net premium increase in the second, third and fourth years of MediShield Life.
2.Premium Subsidies for the Lower-to-Middle income
A permanent feature, available to lower- to middle-income families with household monthly income per person of $2,600 and below, and living in residences with an Annual Value of $21,000 and below.
Those eligible can receive subsidies of up to 50% of their premiums. Permanent Residents will receive half the subsidy rate applicable to citizens.
*For those living in residences with AV of $13,000 or less. Those with an Annual Value between $13,001 to $21,000 will receive 10 percentage points less than these subsidy rates.Those living in residences with an Annual Value of above $21,000 will not receive these subsidies.
If you own more than one property, you do not qualify for this subsidy.
3.Pioneer Generation Subsidies and MediSave top-ups
Pioneers will receive generous Pioneer Generation Subsidies of between 40-60% depending on age. This is regardless of their household monthly income or the Annual Value of their home.
Pioneers will also receive $200 – $800 a year in MediSave top-ups (depending on year of birth) for life, which can be used to pay for their MediShield Life premiums.
Click here for more info on Pioneer Generation Subsidies and MediSave top-ups.
Additional MediShield Life Premium Support
This subsidy is for families who need assistance with premiums even after the above subsidies and MediSave use.
Eligibility Criteria & Benefits:
Your subsidy is calculated as follows:
*As subsidies are automatically applied based on the information we have about you and your household, be sure you regularly update your household information in the Household Check e-Service so that you will automatically receive MediShield Life Premium Subsidies to help with your MediShield Life premiums, if you are eligible.
Subsidies are applied automatically for Singaporean and Permanent Residents.
Pioneer Generation Subsidies and Transitional Subsidies for Singaporeans will be extended automatically.
What is it?
Medifund is a last alternative for patients who face financial difficulties with their remaining bills after exhausting other resources. Medifund Silver provides more targeted assistance for the needy elderly.</p>
Benefits & Eligibility Criteria:
Must have received treatment from a Medifund-approved institution
You and your family must have difficulties affording the medical bill despite getting heavy subsidies, MediShield Life and Medisave
Besides meeting the criteria above, you must be 65 years or older.
Approach a Medical Social Worker: You can find a medical social worker at the hospital or institution you are staying in for more information. This medical social worker will help you to apply for the subsidies.
5 Year MediSave Top Ups
What is it?
As part of the Singapore Budget 2019 there will be MediSave top-up of S$100 per year for next 5 years for Singaporeans aged 50 and above in 2019.
Benefits & Eligibility Criteria:
Singaporeans born on or before 31 December 1959, who do not enjoy Pioneer Generation benefits.
There are many grants, schemes and subsidies made available by the Singaporean government to ensure that the Silver generation retire with grace and dignity without the financial burden on their families. However, the assistance provided is only useful if the people who qualify for them are well-informed. We hope we have helped you in being well-informed so that you can help others to receive the full benefits of these resources.
At Jaga-Me we believe in making healthcare accessible and available to everyone. We provide personalised and curated care for your loved ones. If you need a trained nurse to do professional medical procedures or simply someone to accompany you If you need a trained medical escort to accompany your loved ones for their medical appointments or a trained nurse to do nursing procedures, you can engage our care services.