The Big Story: CareShield Life payouts set to rise in 2026, but does it really ease long-term care burdens?

CareShield Life, the national long-term care (LTC) insurance scheme, will be enhanced from Jan 1, 2026, with higher monthly payouts and more government support to help policyholders cope with the resulting premium increases. CareShield Life’s monthly payouts will grow at a rate of 4 per cent a year, from the current 2 per cent. To mitigate the impact of the resulting premium hikes, the Government will provide an additional $570 million in premium support over the next five years.  But experts say it remains a basic scheme that might cover only a small portion of the overall costs associated with LTC needs, and should be viewed as part of a broader support ecosystem Will these changes really go far enough in meeting Singaporeans’ long-term care needs? And what might this mean for families planning ahead? On The Big Story, Hongbin Jeong speaks with Alex Lee, President of Singapore Actuarial Society, to find out more. See omnystudio.com/listener for privacy information.