Caregiving is a deeply compassionate and caring act directed towards our loved ones, yet it comes with its own set of financial implications that can be both emotionally and economically overwhelming. However, by understanding available resources and financial planning strategies, you can alleviate some of the burdens of looking after your loved ones who are ill. This article aims to shed light on crucial financial planning approaches for caregivers and the invaluable resources that can be tapped on to navigate the myriad costs more effectively. Read on to find out more.
Exploring government support and schemes
For caregivers in Singapore, leveraging government support and schemes is one of the first steps to easing financial pressure. These programmes, designed specifically for caregivers, provide vital relief from caregiving-related expenses. Take the Caregivers Training Grant (CTG), for instance. It promotes skill development and offers subsidies of up to $200 per eligible care recipient annually, ensuring caregivers can have access to necessary training without added financial strain.
Additionally, the Home Caring Grant (HCG) caters to individuals with permanent moderate disabilities in the community, extending a monthly cash payout of up to $400 to cover a range of caregiving costs. Introduced in October 2019 to replace the Foreign Domestic Worker Grant, the HCG aligns with the White Paper for Singapore Women’s Development to better support caregiving expenses including home care services, especially for lower-income households.
Power of attorney and advance care planning
The Lasting Power of Attorney (LPA) is a legal document that empowers the Donor to appoint one or more Donees to make decisions on their behalf in the event of mental capacity loss. It’s essential to note that both the Donor and Donee must be 21 or older to execute the LPA.
Engaging in advance care planning (ACP) is equally important. This process involves discussions about medical wishes, financial decisions, and end-of-life preferences. In situations where mental capacity is compromised, ACP becomes crucial, enabling individuals to directly engage in decisions concerning their future health and personal care. This proactive approach not only ensures that their preferences are respected but also lightens the emotional load on caregivers, fostering a more supportive environment for everyone involved.
Community resources and support groups
Caregiving can often feel isolating, but in Singapore, there exists a network of community resources and support groups to provide guidance, emotional support, and financial advice. Organisations such as the Agency for Integrated Care (AIC) offer caregiver support services, which encompass not only financial counselling, but also assistance in navigating available resources. Engaging with these groups not only grants emotional solace but also allows caregivers to gain insights into managing costs effectively and utilising available aid.
Alongside these avenues, home nursing and home care services play an important role. Not only do they bring relief to caregivers by lessening the burden of direct care responsibilities, but they also ensure that their loved ones receive necessary and personalised care within the comfort of their homes.
While the financial aspects of caregiving can be daunting, being informed and proactive can make a world of difference. With the right support and planning, caregivers in Singapore can overcome their challenges more confidently, knowing their loved ones will be able to receive the care they deserve without succumbing to financial stress.
Resources for caregivers
Ministry of Social and Family Development (MSF):
Agency for Integrated Care (AIC):
Are you in search of reliable caregiver assistance? Whether it’s accessing financial aid or benefiting from our comprehensive caregiving services, iKare can offer you the assistance you need. Get in touch today for personalised support and guidance.