Caring for Our Seniors - Can I retire with enough savings? Can we afford healthcare? - Uweei
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Caring for
Our Seniors
Can we afford
How can I keep healthcare?
my mind and
body active?
Can I retire with
enough savings?
Just ask me!
Last updated 10 June 2016
MAKING LIFE’S
JOURNEY BETTER
No matter which stage of life you are at – getting married, starting a family,
caring for elderly parents, looking for a new job or planning for retirement –
the right support and assistance can make life’s journey a little smoother.
In this series of booklets, you’ll find quick tips and a broad overview of
government policies and schemes related to life issues like healthcare,
housing, transport and education so that you are better informed to begin
the next stage in life, tackle unexpected challenges and discover suitable
opportunities to get ahead.
There are three booklets in this series:
Caring for My Family
Getting Ahead in My Career
Caring for Our Seniors
MAKING
MakingLIFE’S
Get your copy at the nearest Community Centre/Club (CC)!
Life’s JOURNEY
ASK KOPI KAKIS!
Journey Better
Ken and his kakis* are well-known in the neighbourhood for their friendly smiles
BETTER
and cheerful small talk that puts everyone at ease. Ken keeps everyone updated
on all the latest happenings, and if you need help, he is the person to go to. He
is reliable and knows all the lobang, tips and contacts that can help you kick start
each stage of your life with the perfect blend of knowledge and wisdom. He even
provides a quick and simple sharing about government schemes that you can
benefit from!
Like everyone else, Ken has encountered
setbacks in life, but he knows from experience
that there are many helping hands out there,
just like his trusted kakis. You just need to
know where to go and who to ask. So if you
need help and support, just ask Ken and his
kakis!
* Kaki – Malay for good friend
2 CARING FOR OUR SENIORS
AGE GRACEFULLY,
WITH PEACE OF MIND
Retire without worry Pg4
• CPF LIFE
• GST Vouchers
Affordable healthcare Pg10
• Pioneer Generation Package
• Community Health Assist Scheme
Contents
Live near your loved ones Pg15
• 2-Room Flexi Scheme
• Lease Buyback Scheme
Stretch your mind and body Pg18
• SkillsFuture
• PA Seniors Academy
New or enhanced policies PEOPLE’S ASSOCIATION 3
EVERYDAY LIVING
Retire without worry
How do we make sure we have
enough money after we retire?
Just 3 letters, CPF! Saving enough
while working is one of my priorities,
and CPF savings give me a steady
income when I retire. Let’s see how
we can save well to live well.
Everyday Living
Age 55: Create Retirement Account
• Savings from your Special Account
and/or Ordinary Account will be
transferred to this account to form
your retirement sum. Enjoy higher
interest rates as follows:
• 6% interest on 1st $30,000
• 5% interest on next $30,000
• 4% interest on remaining balance
4 CARING FOR OUR SENIORSOink!
Oink!
Age 65: CPF LIFE (Lifelong Income for the Elderly)
• Use your retirement sum to buy a CPF LIFE annuity that gives you
monthly payouts for life.
• CPF will invite you to choose between CPF LIFE Standard Plan or CPF
LIFE Basic Plan when you are near your payout eligibility age.
• Choose a plan that best meets your retirement needs.
Everyday Living
LIFE Standard Plan LIFE Basic Plan
Beneficiaries Beneficiaries
You You
Bequest Monthly
Payouts
Monthly Bequest
Payouts
Higher Monthly Payouts/ Lower Monthly Payouts/
Lower Bequest Higher Bequest
Singaporeans are living longer, up to about age 80. The CPF LIFE ensures
that you receive a monthly income for as long as you live. Save more to
get more!
CPF: 1800 227 1188
mycpf.cpf.gov.sg
PEOPLE’S ASSOCIATION 5How much to save and how much do you get?
• Choose a CPF LIFE plan based on your CPF balances and your desired
monthly payout. The payout options are as follows:
Your monthly
Retirement account savings
payout for life
required at 55
from age 65
If you own a property
Basic Retirement Sum
and choose to pledge $660 — $720
(BRS): $80,500
your property
If you do not own a Full Retirement Sum:
property or choose not $161,000 $1,200 — $1,320
to pledge your property (BRS x 2)
Enhanced Retirement Sum
If you wish to put more
(from January 2016): $1,770 — $1,920
savings in CPF LIFE
$241,000 (BRS x 3)
Everyday Living
To help you plan early for retirement, the Basic Retirement Sum will be made
known to you ahead of time. For each successive cohort of members turning
55, the BRS will increase to account for long term inflation.
Age 55 Age 55 Age 55 Age 55 Age 55
In 2016 In 2017 In 2018 In 2019 In 2020
Basic
Monthly $660 $680 $700 $720 $740
Payout For to to to to to
Life From $720 $740 $760 $780 $800
Age 65
Basic
Retirement $80,500 $83,000 $85,500 $88,000 $90,500
Sum
CPF: 1800 227 1188
mycpf.cpf.gov.sg
From 1 January 2016, you only need to choose your CPF LIFE plan from your
payout eligibility age, at the point when you wish to start your CPF LIFE payouts.
6 CARING FOR OUR SENIORSWithdraw up to $5,000 at age 55
• You may withdraw up to $5,000 even if you are unable to set aside the
Full Retirement Sum or the Basic Retirement Sum with sufficient property
charge/pledge.
Flexibility to withdraw a portion of Retirement Account Savings
• If you have turned 55 from 2013 onwards, you will have the option to
withdraw up to 20% of your Retirement Account savings from your payout
eligibility age (this includes the first $5,000 withdrawable at age 55).
Defer payout age, up to age 70
• From January 2016, you have the option to start your payouts later, at
up to age 70. For each year deferred, CPF LIFE monthly payouts will
permanently increase by about 6-7%.
CPF: 1800 227 1188
mycpf.cpf.gov.sg
Everyday Living
From 1 January 2016, there will be no minimum
sum required in your Medisave Account before
you can withdraw monies from your Ordinary
and Special Account upon reaching 55.
Basic HealthCare Sum (BHS) in Medisave Account
• The BHS helps with basic, subsidised healthcare needs in old age.
• The BHS will be set at $49,800 on 1 January 2016 and will apply to
members aged 65 and above in 2016. This amount will not change for the
rest of their lives.
• The BHS will be adjusted yearly in January to keep pace with the growth in
Medisave use by the elderly.
• If you do not meet your BHS, you are not required to top up your Medisave
Account, before withdrawing from your CPF.
MOH: 6325 9220
www.moh.gov.sg
PEOPLE’S ASSOCIATION 7Reduce your daily expenses
with these assistance schemes!
Travel cheap
Get more support for your transport costs with various Senior Citizen*
Transport Concessions:
• Senior Citizen Concession Card — Enjoy cheaper train and bus fares.
Discounts are significant when you travel long distances.
• Hybrid Monthly Concession Pass — Unlimited travel on basic bus
services and trains, $60 per month.
Everyday Living
• Off-peak Monthly Concession Pass — Unlimited travel on basic bus
services and trains (except 6.30am to 9am and 5pm to 7.30pm on
weekdays), $40 per month.
• VWO Transport Subsidies — Up to 80% subsidy for transport fees, if
you have disabilities and need to take dedicated transport provided by
Volunteer Welfare Organisations to access care services.
*If you are aged 60 and above.
Transit Link: 1800 225 5663
www.transitlink.com.sg
SG Enable (VWO Transport Subsidies): 1800 8585 885
www.sgenable.sg
8 CARING FOR OUR SENIORSGST Voucher – Cash
• Provide lower-income and retiree households with cash for their
immediate needs. Depending on annual income and value of your
home, receive $150 or $300.
• In 2016, eligible households will receive a one-off special payment of
$100 or $200, depending on the annual value of home.
GST Voucher – Medisave
• Helps elderly Singaporeans aged 65 and above. Depending on your
age and annual value of home, receive Medisave top-ups of between
$150 and $450.
MOF: 1800 2222 888
Everyday Living
www.gstvoucher.gov.sg
GST Voucher – U-Save
• Provide HDB households with a rebate to help offset utilities bills.
Depending on flat type, receive between $180 and $260 per year.
Singapore Power: 6671 7117
Silver Support Scheme
• Support for the neediest of seniors aged 65 and above, who have
earned low wages throughout their lives.
• Receive a modest supplement of $300 to $750 cash every quarter.
Eligibility conditions apply.
CPF: 1800 222 6622
www.mom.gov.sg/silversupport
PEOPLE’S ASSOCIATION 9IN THE PINK OF HEALTH
Get affordable healthcare for life
Can we afford to pay for our
healthcare needs?
Don’t worry. There are many
ways to reduce your healthcare
costs. Help is available to all
and better still, for life!
Pioneer Generation Package
Helps Pioneers* with their healthcare costs for life:
• Outpatient Care
In The Pink Of Health
_ Additional 50% off subsidised services and medications at polyclinics and
Specialist Outpatient Clinics (SOCs).
_ Subsidies when you visit participating General Practitioners and dental
clinics under the Community Health Assist Scheme (CHAS).
• Medisave Top-ups
_ Depending on your age, receive between $200 and $800 annually for life.
• MediShield Life
_ A universal healthcare insurance. Receive special premium subsidies and
Medisave top-ups to help pay for your MediShield Life premiums.
• Pioneer Generation Disability Assistance Scheme
_ Lifelong cash assistance of $100 each month for Pioneers who
permanently need assistance in at least three of the activities of daily
living (eating, bathing, dressing, transferring, toileting and walking or
moving around).
*If you are born on or before 31 Dec 1949 (65 years old or older in 2014) and became a
Singapore citizen on or before 31 Dec 1986.
PGP: 1800 2222 888
www.pioneers.sg
10 CARING FOR OUR SENIORSCommunity Health Assist Scheme (CHAS)
• Singapore Citizens can receive subsidies for
medical and dental care at participating General
Practitioners and dental clinics near their homes.
An additional subsidy applies when visiting
Specialist Outpatient Clinic (SOC) services and
medication at SOCs and polyclinics.
Eligibility CHAS Blue CHAS Orange Pioneer Generation
Household monthly
$1,100 and below $1,101 to $1,800 All Pioneers
income per person
receive benefits
regardless of
Annual Value of home income or AV
for households with $13,000 and $13,001 to
below $21,000 of home
no income
In The Pink Of Health
Subsidy for
70% 0% Additional 50%
SOC services off subsidised bill
Subsidy for subsidised
Additional 50%
medication at SOC 75% off subsidised bill
and polyclinics
Subsidies at participating – Up to $18.50 – Between $50 – Up to $28.50
CHAS clinics subsidy per visit and $75 per subsidy per visit
for common visit for chronic for common
illnesses conditions illnesses
(subject to cap)
– Between $80 - Between $90
and $120 per and $135
visit for chronic subsidy per
conditions visit for chronic
(subject to cap) conditions
(subject to cap)
Subsidy for health
screening by Health Free screening tests with HPB’s Invitation Letter
Promotion Board (Doctor’s consultation charges apply)
Selected Dental Services Between $11 and Between $65.50 Between $21 to
$256.50 subsidy and $170.50 $266.50 subsidy
per procedure subsidy per procedure
per procedure
CHAS: 1800 275 2427
www.chas.sg
PEOPLE’S ASSOCIATION 11Medisave
Use Medisave to pay for your medical expenses at:
• Public healthcare instutitions — public hospitals, polyclinics,
Specialist Outpatient Clinics
• Medisave-accredited non-public healthcare institutions — General
Practitioner clinics, private and community hospitals, day rehabilitation
and pallative care.
Medisave can be used for:
Day Surgery Health Screening Hospital Charges
In The Pink Of Health
Outpatient Long-term Care Medical Insurance Treatment of
Treatments Insurance Premiums Chronic Diseases
Intermediate and Long Term Care (ILTC) Services
• Help offset bills of those needing health and/or social care from
MOH-funded service providers, over long periods of time. E.g Nursing
Homes, Hospices.
• Subsidies depends on household per capita monthly income.
Intermediate and Long Term Care (ILTC) Drug Subsidy Scheme
• MOH-subsidised patients will pay the same price for drugs prescribed
by their ILTC doctors. There is no need to visit polyclinics or public
hospitals to get drugs at subsidised prices.
MOH: 6325 9220
www.moh.gov.sg
12 CARING FOR OUR SENIORSIs it too late for me to
get medical insurance?
Never too late. As we Singaporeans
like to put it, “Still got hope!”
Medishield Life
• A basic and affordable national healthcare insurance scheme that
covers everyone, for life. Helps you pay for large hospital bills and
costly outpatient treatments. There are premium subsidies for lower-
to middle-income and Pioneer Generation seniors.
• Pioneers will receive generous Pioneer Generation Subsidies of
between 40% to 60%, depending on age.
• Additional support applies if you are unable to afford your premium
In The Pink Of Health
even after subsidies.
MOH: 1800 222 3399
www.medishieldlife.sg
MediFund
• For needy Singaporeans who cannot afford subsidised treatment even
after Medisave and MediShield Life coverage (eligibility conditions apply).
MOH: 6325 9220
www.moh.gov.sg
The Dependants’ Protection Scheme provides some financial support to your
loved ones, in the event of death or permanent incapacity.
PEOPLE’S ASSOCIATION 13Is there help for the disabled?
Of course! You need all the
help you can get.
Eldershield
• An affordable severe disability insurance scheme that provides monthly
cash payouts for up to 72 months. Singaporeans and PRs with Medisave
accounts are automatically covered under ElderShield at the age of 40.
• Offered by three private insurers: Aviva Singapore (6827 7788),
Great Eastern (1800 248 2888) and NTUC Income (6332 1133).
In The Pink Of Health
Interim Disability Assistance Programme for the Elderly*
• For disabled seniors who were not eligible for ElderShield in 2002 due
to pre-existing disabilities or because they were over the maximum
entry age.
• Monthly payout of $150 or $250 for a maximum period of 72 months,
depending on the senior’s per capita household monthly income and
annual value of home.
* You are considered to have severe disability if you are unable to do at least three out of six daily
activities (eating, bathing, dressing, transferring and walking or moving around).
MOH: 6325 9220 or AIC: 1800 650 6060
www.moh.gov.sg or aic.sg
14 CARING FOR OUR SENIORSHOME AND FAMILY
Live closer to your loved ones
We don’t need such a big
home anymore, and we’ll
like to live closer to our
children and grandchildren.
What’s out there for us?
My parents applied for one of
these schemes. With the whole
family in the estate, it feels just
like the good ol’ kampong days...
For seniors who wish to age-in-place in a familiar environment or live near
Home and Family
their families, HDB will set aside a portion of the Build-to-Order (BTO) flat
supply and Sales-of-Balance (SBF) flats for the following priority schemes:
Multi-Generation Priority Scheme
• Priority allocation to married children and their parents when you jointly
apply for flats in the same BTO project.
• Seniors may apply for a 2-room flexi or 3-room flat. You will have the
opportunity of choosing flats on the same floor or elsewhere within the
same project.
2-room Flexi Scheme
• Seniors aged 55 and above have the flexibility of choosing the length of
lease on their 2-room flat, based on your age, needs and preferences.
• You may take up a lease of between 15 and 45 years in 5-year
increments, as long as it covers you and your spouse up to the age of at
least 95 years.
PEOPLE’S ASSOCIATION 15Senior Priority Scheme (SPS)
• Seniors may be considered for the SPS if:
_ You are applying for a 2-room Flexi flat that is in the same town or
estate, or within two kilometers of your existing flat or private property.
_ Your parent/married child owns or occupies a HDB flat or private
property that is within the same town or estate, or within two kilometers
of the flat you are applying for.
HDB: 1800 866 3066
www.hdb.gov.sg
Housing Grants When Buying Resale Flats
Proximity Housing Grant
• For parents who buy a resale flat to live together or close to their children
for mutual care and support.
Home and Family
• Receive $10,000 or $20,000 grant, regardless of past housing subsidies
enjoyed, income and ownership of private property.
Need improvements in your flat for better comfort and mobility? HDB’s
Enhancement for Active Seniors* offers up to 95% subsidy, depending on
flat type. Rental units receive 100% subsidy.
*Only Singapore Citizen households are eligible.
16 CARING FOR OUR SENIORSMaximise Your Finances with Your Flat
Lease Buyback Scheme
• Unlock part of the value of your home while continuing to live in your flat
by selling part of your flat lease to HDB and choosing to retain the length
of lease based on the age of the youngest owner.
• Applicable to elderly households with a gross monthly household
income of $12,000 or less and living in 4-room or smaller flats.
Silver Housing Bonus
• Helps elderly households supplement their retirement income when they
right-size their flats and buy a smaller flat (up to a 3-room flat).
• At least one owner is a Singapore Citizen aged 55 and above with a
gross monthly household income of $12,000 or less,
• Households can receive up to $20,000 cash bonus.
Home and Family
HDB: 1800 866 3066
www.hdb.gov.sg
With our children all grown
up, we don’t need such a
big flat. Moving to a smaller
one gives us the extra cash
we need in retirement!
PEOPLE’S ASSOCIATION 17KEEPING ACTIVE
Stretch your mind and body
We’re in our golden years,
and have never felt fitter and
younger at heart. Give us some
ideas, young man, on activites
we can do!
Ideas are what I have! Take
your pick from working out
at the gym to learning a
new skill.
SkillsFuture Credits
• Upgrade yourself or learn a new skill. From 2016, $500 credit is given
to all Singapore Citizens aged 25 and above to pay for courses by
WDA, MOE-funded Post-Secondary Education Institutions and other
public agencies.
Keeping Active
National Silver Academy
• From June 2016, seniors aged 50 and above may sign up for more than
500 subsidised courses by post-secondary education institutions and
VWOs. Selected degree/diploma modules can also be taken at a token
fee, without exams.
MOM: 6438 5122 / WDA: 6883 5885 / MOE: 6872 2220
www.skillsfuture.sg
PA Seniors Academy
• Seniors aged 50 and above can enjoy affordable courses in IT, first-aid,
fitness, cooking, various crafts and more at community centres.
• They can also participate in the Golden Work series to pick up relevant
job-based skills and knowledge for part-time and/or freelance work in
the future.
Visit your nearest CC
http://www.pa.gov.sg/courses/senior-academy.html
18 CARING FOR OUR SENIORSUSEFUL
NUMBERS
AIC
(Agency for 1800 650 6060 www.aic.sg
Integrated Care)
CHAS
(Community Health 1800 275 2427 www.chas.sg
Assist Scheme)
CPF
(Central Provident 1800 227 1188 mycpf.cpf.gov.sg
Fund Board)
HDB
(Housing & 1800 866 3066 www.hdb.gov.sg
Development Board)
MOF
1800 2222 888 www.gstvoucher.gov.sg
(Ministry of Finance)
MOH 6325 9220 www.moh.gov.sg
(Ministry of Health) 1800 222 3399 www.medishieldlife.sg
MOM
6438 5122 www.mom.gov.sg
(Ministry of Manpower)
PGP
1800 2222 888 www.pioneers.sg
(Pioneer Generation Package)
SG Enable 1800 8585 885 www.sgenable.sg
Singapore Power 6671 7117 www.singaporepower.com.sg
SkillsFuture
• Ministry of Manpower 6438 5122
• Workforce Development Agency 6883 5885 www.skillsfuture.sg
• Ministry of Education 6872 2220
Transitlink 1800 225 5663 www.transitlink.com.sg
Information compiled by People & Government Engagement Division, People’s Association.
For more information, please contact the relevant agencies as listed above.You can also read
