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CareShield Life and Long-Term Care Act
Learn how this Act provides financial support for long-term care needs in Singapore.
The CareShield Life and Long-Term Care Act establishes and provides for the CareShield Life Scheme and other measures to provide long-term care financing support, should one develop severe disability.
The key features of the Act are the:
Establishment of the CareShield Life Scheme to provide for long-term care financing support should one develop severe disability.
Provision for Government administration of the ElderShield Scheme.
Establishment of the CareShield Life and ElderShield Insurance Fund to support benefit payouts for policyholders and scheme administration.
Establishment of the Long-Term Care Support Fund to provide premium support for the CareShield Life Scheme, and other financial support should one develop severe disability.
Establishment of the CareShield Life Council to review the administration and sustainability of the CareShield Life and ElderShield Schemes.
Provision of powers for the recovery of premiums from wilful defaulters as a last resort, to ensure that premiums are paid in a timely manner. This ensures that CareShield Life and ElderShield are able to meet its commitments to all its members and pay out on claims.