Singlife unveils dual partnerships for accessible long-term care
Singlife unveils dual partnerships for accessible long-term care | Insurance Business Asia
Life & Health
Singlife unveils dual partnerships for accessible long-term care
Both aim to address the needs of the country’s rapidly ageing population
Life & Health
By
Kenneth Araullo
Singlife has unveiled two strategic partnerships in collaboration with the Agency for Integrated Care (AIC) and Homage, with these collaborations aiming to empower customers by providing them with a better understanding of the complexities involved in long-term care.
These partnerships form an integral part of Singlife Care Collab, a newly introduced hub for health services. Singlife Care Collab endeavours to offer Singlife customers and their families convenient access to preventive care, long-term care, and a variety of services offered by trusted healthcare providers.
Singapore is recognized as one of the fastest-ageing nations globally. Presently, approximately one in five Singaporeans is a senior aged 65 or above, with projections indicating that by 2030 nearly one in four Singaporeans will fall into this category. Consequently, as Singapore progresses towards being a “super-aged” society, community and aged care have gained substantial importance as a healthcare priority at the national level.
To address this rapid ageing, the Ministry of Health and AIC have committed to doubling the number of Active Ageing Centres by 2025, recognizing the growing necessity to enhance the accessibility and affordability of care. In the partnership with AIC, Singlife formalized a Memorandum of Understanding (MOU) to collaborate on various fronts. This includes utilizing AIC’s extensive range of publicly available resources to address the challenges faced by care recipients and caregivers seeking community care solutions.
Under the MOU, AIC and Singlife will collaborate to educate Singlife-affiliated financial advisors about caregiving, various support services available for caregivers and care recipients, and create awareness about these aspects. Additionally, Singlife employees will actively volunteer in AIC’s programs, including the Silver Generation Ambassador Buddy Programme, to engage with seniors both at home and in community settings.
Singlife and Homage for community-based care for seniors
In the collaboration with Homage, a homegrown healthtech startup offering on-demand home and community-based care for seniors, Singlife’s partnership adds an additional layer of financial support to nearly half a million Singlife customers in their care journey.
Homage will act as an end-to-end service provider for Singlife CareShield and ElderShield policyholders, covering everything from severe disability assessments to care delivery. This supplements national schemes like CareShield Life and ElderShield, aiming to alleviate the financial burdens associated with community care.
Singlife CareShield and ElderShield policyholders can benefit from reduced service rates through Homage, including discounts of up to 20% for Severe Disability Assessment and up to 5% for care services such as home personal care, home nursing care, and therapy services. These preferential rates have been extended by Homage to all Singlife policyholders, applicable to their initial transaction with Homage.
“Singlife is one of the largest CareShield and ElderShield supplement providers,” Singlife Group CEO Pearlyn Phau (pictured, middle) said. “We recognise that we have a duty to align with the national agenda and are taking a significant step by launching Singlife Care Collab. This is part of our ambition to build a robust care support system for our customers. We are pleased to be working with like-minded partners such as AIC and Homage who each play an important role in this ecosystem.”
Elsewhere for the Singapore firm, GROW with Singlife, the integrated investment platform formerly known as Navigator Investment Services, has recently announced its rebranding.
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