Financial advisers to offer advice on CareShield at community centres

SINGAPORE - Singaporeans who have questions about CareShield Life will be able to seek help from financial advisers stationed at community centres in an initiative being planned for later this year.

The compulsory long-term care insurance scheme will be launched next year. On Sunday (March 17), Mr Leong Sow Hoe, president of the Insurance and Financial Practitioners Association of Singapore (Ifpas), called for volunteers at an event held by his organisation.

The initiative is expected to start in the last quarter of the year.

"We are waiting for the marching orders from the Ministry of Health," said Mr Leong.

More than 700 financial advisers and planners volunteered for a similar initiative in 2015 to explain the specifics of the MediShield Life scheme to residents.

About 5,000 residents from 39 community centres benefited from the project in its early phases, according to the Ifpas website.

The MediShield Life scheme helps pay for large hospital bills and selected costly outpatient programmes.

More details about Ifpas' initiative to explain CareShield to residents will be made available soon.

Minister for Trade and Industry Chan Chun Sing affirmed that financial advisers play an important role in helping Singaporeans plan for retirement.

"If you do a good job, you not only earn a living for yourself, but most importantly, you help... take care of fellow Singaporeans to help them plan for their financial future."