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​​​​​Managing Finances

Being a caregiver may not be an easy task. On top of caring for your loved one’s physical needs, emotional and social needs, you may face financial challenges.

Caregivers can take on two types of roles when managing finances. The first is a one who provides financial support and contribution for their loved o​ne out of their own pocket, and the second is the financial coordi​​nator who manages the hands-on financial activities of settling the bills and/or dealing with insurance etc.



Financial Planning Tips

Here are some tips or checklist that may help you cope with your caregiving tasks.

1. Your Financial Stability Comes First

Be honest about your own capacity as a caregiver, especially in areas you and your loved one may need assistance in.

2. Speak to Your Family

Having an open communication with family members including your siblings or spouse, or even your loved one about finances and/or legal topics is important. Planning for and putting aside household funds may work so you do not overspend.

3. Create A Budget

It is important to create a budget for yourself and your loved one. In this way, you can learn about upcoming expenses and regular bills that need to be paid so that you are not surprised by unexpected costs.

4. Start Saving

Reduce unnecessary expenses and start small with savings. A small amount daily can lead to a bigger payoff in the long run.

5. Maintain Emergency Funds

In the day-to-day journey of caregiving, dipping into savings may be tempting. Look into the positive side of savings in rebuilding your own life.


For other financial planning tips, find out more here.


Not Sure Which Financial Assistance Is Available For You?

As a caregiver, you can tap on available financial grants to support you in the care for your loved one and yourself. Below are some caregiving assistances for you:

There are other financial assistances provided such as Daily Assistance Living, Mobility Assistance and Medical Fees Assistance. Find out more here.

Besides visiting our Financial Assistance section to learn about financial support for seniors and caregivers, here are some additional areas of support.

Name
Details
Assistive Technology Fund (ATF)
The Assistive Technology Fund (ATF) provides financial assistance to persons with disabilities in mainstream or special education or open employment to purchase assistive technology devices.
Car Park Label Scheme (CPLS) for Persons with Physical Disabilities The Car Park Label Scheme (CPLS) allows persons with physical disabilities who drive their own vehicles, or who are ferried by their family members, to park at designated parking lots which are larger in size to allow them to get in and out of the vehicles with ease.
Certificate of Entitlement (COE) Grant Scheme for Social Service Agencies (SSAs) The Certificate of Entitlement (COE) Grant Scheme is a grant to support the cost of COE and Additional Registration Fee (ARF) for vehicles used to transport elderly or persons with disabilities who are unable to use public transport unassisted or other transport options.
Chronic Disease Management Programme (CDMP)
The Chronic Disease Management Programme (CDMP) allows patients to use their Medisave to pay part of their outpatient treatment for 15 chronic conditions.
ComCare Long-Term Assistance (aka Public Assistance)

ComCare Short-to-Medium-Term Assistance

ComCare Urgent Financial Assistance

The ComCare Long-Term Assistance scheme assists Singaporeans who need long-term financial assistance due to old age, illness or unfavourable family circumstances, and have no family members who can provide support. It also provides additional financial assistance for children.

The ComCare Short-to-Medium -Term Assistance scheme assists Singaporeans who need short-to-medium-term financial assistance due to job hunting, temporarily unable to work due to illness or caring for family members, and have little or no family members who can provide support.

The ComCare Urgent Financial Assistance assists families who are going through a difficult period and require urgent and immediate assistance.

Enhanced Screen for Life (SFL)
SFL is a national screening programme for Singaporeans and Permanent Citizens to get subsidised health screening and follow -up at low fixed fee.
Home Ownership Plus Education (HOPE) Scheme The Home Ownership Plus Education (HOPE) Scheme provides comprehensive support to young, low-income families who choose to keep their family small so they can invest in their children's future.
Lease Buy Back Scheme This scheme allows flat owners at the age of 65 and above to monetise your flat to receive a stream of income in your retirement years, while continuing to live in it.
Public Transport Concession Scheme for Persons with Disabilities This scheme provides a concession card that offers concessionary rates for persons with disabilities when they are travelling on public transport to enjoy a 25% discount off adult fares with no additional cost for distance travelled beyond 7.2km. There is also an option to purchase a Monthly Concession Pass with unlimited bus and train rides at $60 per month.
Subsidies for Government-funded Intermediate Long- Term Care (ILTC) services These subsidies offset the bills of people needing Intermediate and Long-Term Care (ILTC) care services for future care and treatment after discharge, and for elderly staying in the community who are frail and need supervision and assistance with activities of daily living.
Subsidies for Services and Drugs at Public Healthcare Institutions These subsidies offsets bills on services and drugs at public hospitals, specialist outpatient clinics and polyclinics.
Taxi Subsidy Scheme his scheme supports persons with disabilities who are able to travel only by taxi for school or work purposes.
VWO Transport Subsidies This scheme supports persons with disabilities who need to take dedicated transport provided by Voluntary Welfare Organisations (VWOs) to access school and care services.


Useful Resources
  • If you or a family member has a disability, you may find out various financial assistance schemes, grants and funds to defray the cost of disability aids and assistive technology here.
  • You may also use the Self-Assessment Tool to conduct a search on which financial schemes you may qualify for.
  • Access our application forms for financial schemes and care services.
  • If you are caring for a loved one with disability, you can find out more at SG Enable.


Learn More

Here are more tips to better care for your loved one.

Advanced Planning And
Legal Tools

What Are The Roles Of
A Caregiver

Caregiving Training, Courses
And Schemes

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