Annual increases in CareShield Life payouts help protect the value of CareShield Life payouts over time. This needs to be supported by annual increases in CareShield Life premiums. To give Singaporeans greater certainty in the first five years, payouts and premiums* each increased by 2% per year from 2021 to 2025.
Following CareShield Life 2025 Review, payouts will increase by 4% per year from 2026 to 2030 to help policyholders keep up with rising long-term care costs. To support this, premiums will increase annually, with premium support measures moderating increases from 2026 to 2030 to about $38 on average and no more than $75.
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CareShield Life Council regularly reviews these trends and advises the Government on CareShield Life premium and payout adjustments in accordance with an actuarially sound adjustment framework. The Government will consider affordability of premiums when reviewing the council’s advice on premium adjustments.
*Premiums increase per year excludes GST.
