Retired with Health Concerns
Manage healthcare needs & financial security in retirement
In Singapore, all citizens are eligible to apply for the Community Health Assist Scheme (CHAS), which offers subsidized treatment for chronic conditions such as diabetes, high blood pressure, and high cholesterol. This includes the green CHAS card, designed to support higher-income Singaporeans with chronic health needs.
Learn more about managing chronic conditions through CHAS here.
Additionally, the Chronic Disease Management Programme allows patients to use their MediSave for up to $500 annually ($700 for complex cases) to offset outpatient chronic disease bills, reducing out-of-pocket expenses. A 15% co-payment applies to each claim.
Discover more about MediSave’s role in chronic disease management here.
The 3 must-haves when you start retirement are:
A home to live in – preferably one which is fully-paid off
Medical insurance and savings for healthcare expenses
Lifelong income for living expenses
Click below to read the article for more information.
All Singapore citizens can apply for one of these – green CHAS card (including high income earners), blue CHAS card, orange CHAS card, Merdeka Generation, Pioneer Generation. These qualify you for health screening for cardiovascular disease, cervical cancer and colorectal cancer and others, for between $0 and $5.
Click below to read more about CHAS subsidies.
Optional Steps
Review your Integrated Shield Plan to ensure it continues to meet your needs without straining your budget.
Consider if the premium remains affordable, especially as you age, since premiums can increase significantly over time.
If it is becoming more expensive, explore options like adjusting your coverage level by downgrading to a lower tiered plan or changing its riders.
Click below to explore our insurance solution sets where we share affordable packages.
Recommended to seek advice from your financial adviser before you downgrade or surrender your plan.
Advance Care Planning (ACP) ensures that if you’re ever unable to make decisions or speak for yourself, your chosen decision-makers have clear guidance to act in your best interests according to your wishes.
It helps you to discuss and document matters related to your healthcare. It is a broad plan that may include extent of treatment, pain control options, and what to do should your heart suddenly stop.
Click below to learn more about ACP at the Agency for Integrated Care (AIC).
ACP is particularly important for people who have a chronic illness, an early cognitive impairment, frail, or are approaching the end of life.
An LPA is a legal document, which allows a person who is at least 21 years of age, to voluntarily appoint one or more persons to make decisions and act on his/her behalf if he/she loses mental capacity one day.
The decisions range in 2 broad areas of personal welfare and/or property & affairs matters.
Click below to go to MSF website to read more about LPA and how you can make one yourself.
In event of your untimely demise, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Estate planning organizes your assets for distribution after death, while end-of-life planning covers managing your affairs if you become incapacitated.
Why It’s Important:
Without a plan, your estate may be distributed according to Singapore’s intestacy laws, which may not align with your wishes, especially for non-traditional relationships or special needs dependents.
Legal Tools to Simplify Matters:
Having a Will and CPF nominations can prevent delays, reduce legal costs, and allow you to designate guardians for minor children.
Reducing Stress for Loved Ones:
Planning in advance lessens the administrative burden and uncertainty for your family during a difficult time.
To learn more about managing your estate and end-of-life arrangements, have a read at our e-book.
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