Filial piety and respect for seniors have served Asian societies well for centuries. Yet, in a world of changing values, volatile economies and shifting demographics, these traditional values are hard to sustain. Seniors today are healthier, live longer, and are more socially involved. But with fewer children to provide support, longevity has become a double-edged sword, with healthcare financing a major concern for governments around the world.
Long-term care (LTC) insurance provides financial assistance to seniors needing continuing support in their twilight years. The recent announcement of plans to introduce CareShield Life, a national severe disability care scheme, as part of the Ministry of Health's (MOH) strategy to strengthen the LTC financing mechanism, puts Singapore's LTC system under the spotlight.
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