TL;DR

Singapore’s ageing population, rising medical costs and complex caregiving responsibilities are creating unprecedented pressure on working adults especially the “sandwich generation”. Insights from the Chills 244 panel discussion, “Rising Medical Costs and Caregiving: What You Need to Know,”  reveal recurring themes: seek help early, understand financial options, don’t be harsh on yourself as a caregiver, and build resilience through insurance, savings and clear planning. The article dives into practical frameworks, policy realities, and what commercial readers in Singapore should prepare for.

Singapore’s caregiving landscape is shifting rapidly. With longer life expectancy, smaller households, and rising healthcare inflation, more working professionals are shouldering significant caregiving responsibilities with limited preparation. 

For many, the session hit home. It exposed the emotional strain, financial vulnerabilities and policy gaps that often go unspoken yet are lived daily by thousands of caregivers across the country.

1. Caregiving Begins with Asking for Help—Not Heroics

Dr Chong, Medical Director of the Singapore Hospice Council, emphasised what many Singaporeans still hesitate to accept:

“Ask for help… don’t think you can solve it all by yourselves.”

Caregivers often fall into silent suffering, believing they must manage everything alone. The emotional toll is heavy: guilt, exhaustion and perfectionism frequently surface.

He reminds caregivers:

“You are the best caregiver if you are already there.”

This simple truth challenges the shame many feel when they struggle. Presence—not perfection—is what matters.

Common caregiver myths vs. realities

(Sources: Ministry of Health Singapore; AIC Singapore)

2. The Emotional Weight: A Journey of Uncertainty

Veteran journalist and caregiver Bertha Hanson, author of When Mama Fell, shared her story caring for her mother who suffered three strokes and Parkinson’s disease. She recounts the vulnerability:

“I was writing it and crying… you just got used to your own thing.”

Caregiving rarely comes with a roadmap. Hanson’s experience reflects the collective uncertainty many households face: sudden lifestyle changes, schedule disruptions, emotional fatigue, and the practical realities of medical decline. Dr Chong adds that dementia and non-cancer chronic illnesses now form a significant portion of long-term care cases—conditions with unpredictable timelines.

3. The True Cost: Rising Medical Inflation and Hidden Expenses

Singapore’s medical inflation—estimated between 9% to 18% annually in recent years (Sources: MOH, Mercer Marsh Benefits)—outpaces wage growth and investment returns.

OCBC’s Head of Investments, Timothy, notes his own injury experience:

“My entire medical cost was about $40,000… luckily my insurance paid close to 95–97% of it.”

Without coverage, such shocks can destabilise families overnight.

Hidden costs caregivers underestimate

• Home modifications (grab bars, anti-slip flooring)

• Medical equipment (wheelchairs, hospital beds)

• Transport for medical visits

• Loss of income due to reduced working hours

• Extra domestic help

• Consumables (diapers, nutritional supplements)

These can add up to $700–$2,500 monthly, depending on condition severity (Source: AIC, Lien Foundation).

4. Why Insurance Still Matters—and How to Avoid Overpaying

With premiums rising, many Singaporeans question the sustainability of insurance. Yet as Timothy points out:

“Get a policy that you can afford… mainly for critical illness and hospitalisation.”

His advice balances practicality with long-term planning.

Key insurance priorities for Singaporeans

1. Hospitalisation (Integrated Shield Plans)
2. Critical Illness Riders
3. ElderShield / CareShield Life Supplements
4. Long-term care coverage where possible

He adds:

“Investing at least 10% of your take-home pay is… important to break the cycle.”

For working professionals—the millennials and Gen X “toast generation”—insurance acts as a buffer, buying time for investments to grow.

5. The Policy Maze: Means Testing, Subsidies and Missed Benefits

Hanson highlights a systemic problem:

“There are a lot of things that you don’t know… every little bit helps.”

She discovered her mother missed the Pioneer Generation Disability Assistance Scheme payout for two years—despite it being “automatic”.

Singapore’s support ecosystem is strong but complex (as Dr Chong notes). Many families remain unaware of:

• Home Caregiving Grant

• Interim Disability Assistance Scheme

• Subsidies that vary by household income, per capita income, and property annual value

A streamlined portal or caregiver network—something both speakers agree is urgently needed—could reduce these hidden knowledge gaps.

6. Planning for the Future: What Singaporeans Must Do Now

Timothy summarises essential principles for working adults:

“Look at needs and wants… many of us have to make trade-offs.”

A Practical Planning Checklist

Financial

• Maintain 6–12 months emergency savings
• Invest regularly (10%–20% of income)
• Optimise taxes via CPF top-ups and SRS
• Avoid over-insuring—focus on critical protection

Caregiving

• Build a support system early (family roster + hired help)
• Research AIC services and subsidies
• Document care preferences, including Advance Medical Directive
• Plan ageing-in-place modifications before crisis hits

Housing & Long-term Care
Singapore’s demographic clock is ticking. As Bertha warns:

“Where are we going to live… you will need help, people need to look after you.”

Future generations may face fewer caregivers and higher dependency ratios. Planning isn’t optional—it’s survival.

A Call to Act, Not React

Singapore is ageing rapidly. Medical costs continue rising. Caregiving responsibilities are intensifying.

But, as the Chills 244 panel demonstrates, no one needs to walk this journey alone. Caregiving is not only about managing decline—it’s about preserving dignity, preparing early, and building systems of support that outlast individual strength.

For commercial Singaporean readers—business owners, managers, decision-makers—the message is clear: caregiving pressures will reshape workforce needs, employee wellbeing programmes, and national policies. Preparing early, both personally and organisationally, will define resilience in the years ahead.

References

1. The Financial Coconut, “Rising Medical Costs and Caregiving: What You Need to Know"”
2. Ministry of Health Singapore, “Healthcare Schemes & Subsidies”
3. AIC Singapore, “Financial Assistance & Grants”
4. Mercer Marsh Benefits, “Singapore Medical Trends Report”
5. Lien Foundation, “The Cost of Ageing in Singapore”

Stay ahead in your financial journey! Sign up for our newsletter to receive insights, tips, and strategies from The Financial Coconut

Share:

The Real Cost of Caregiving in Singapore: What Every Working Adult Must Know

Rising Medical Costs and Caregiving: What You Need to Know [Chills 244, Sponsored by OCBC]

How Gen Z Is Getting Hired in the Toughest Job Market Yet [W&S 147]

Achieving FIRE with Digital Marketing: a Singaporean Journey [Chills 243 ft Nawin Singh]