CareShield Life advice to be offered at community centres

Ifpas members at a run on Sunday. Volunteers from the organisation will explain the specifics of CareShield Life at community centres this year.
Ifpas members at a run on Sunday. Volunteers from the organisation will explain the specifics of CareShield Life at community centres this year.PHOTO: INSURANCE AND FINANCIAL PRACTITIONERS ASSOCIATION OF SINGAPORE

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

CareShield Life, a compulsory long-term care insurance scheme, will be launched next year.

On Sunday, Mr Leong Sow Hoe, president of the Insurance and Financial Practitioners Association of Singapore (Ifpas), called for volunteers at a run held by his organisation.

The initiative is expected to start in the last quarter of the year. Ifpas is awaiting orders from the Ministry of Health,according to 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 at 39 community centres benefited from the project in its early phases, according to the Ifpas website.

MediShield Life helps pay for large hospital bills and a selection of costly outpatient programmes.

More details about Ifpas' initiative to explain CareShield Life to residents will be made available soon. The association has about 4,000 members.

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."

A version of this article appeared in the print edition of The Straits Times on March 19, 2019, with the headline 'CareShield Life advice to be offered at community centres'. Print Edition | Subscribe