Trusts
Matching Grant for Top-Ups to Trust Accounts
In the Budget 2025 speech, the Government has announced that lower- and middle-income families will receive a dollar-for-dollar matching grant of up to $10,000 for top-ups to Trust accounts with the Special Needs Trust Company (SNTC), a fully owned subsidiary of SG Enable. Please visit SNTC’s website for more information.
A burning issue with many caregivers is about caring for their loved ones with disabilities when they themselves are
no longer around. Financial security is not all there is to it, but it is very important.
Trust funds can provide a steady income stream for persons with disabilities when their caregiver passes on. With a
minimum sum of $5,000, caregivers can set up a trust fund through SNTC,
the only non-profit company with trust services for persons with disabilities. SNTC will help the caregiver work out
how much money to set aside in a trust fund and how the funds will be disbursed upon the demise or incapacity of the
caregiver. SNTC
will act according to the caregiver’s wishes in disbursing the money. To find out how to set up a trust, see
below:
Special Needs Savings Scheme
SNTC also administers the Special Needs Saving Scheme, which enables parents of children with special needs to set aside their CPF savings for the child’s long-term care. Under this scheme, parents can nominate the child as a beneficiary of their CPF monies when they pass on. The child will receive monthly payouts of an amount pre-determined by the parents until the savings are exhausted.
Insurance
DPS is a term insurance that provides an insured member and their family with up to $46,000 to get through the first
few years should the insured member pass away, or suffer from a terminal Illness or total permanent disability
before turning 60.
DPS is automatically extended to CPF members who are Singapore Citizens and PRs aged 21 – 60, who have made
their first CPF contribution. The insured member can nominate who will receive the insurance benefits.
This basic health insurance plan protects all Singapore Citizens and Permanent Residents against large hospital bills
for life, regardless of age or health conditions. Those with pre-existing and congenital conditions are covered as
well. Premiums are
paid from your MediSave account.
CareShield Life is a long-term care insurance scheme that provides basic financial support should Singaporeans become severely disabled, especially during old age, and need personal and medical care for a prolonged duration (i.e. long-term care).
This free insurance scheme by NTUC Income aims to help lower-income families with young children in times of crises.
Under the scheme, when the parent/ guardian passes away or becomes totally and permanently disabled, the family is
eligible for a $5,000
payout, subject to terms and conditions. NTUC Income also offers an additional payout capped at $5,000 that matches
the collective bank balances of the parent/ guardian and his family unit.
Eligibility:
- Parents/ guardians of a family receiving assistance from NTUC’s My First Skool or MOE Financial Assistance
Scheme (FAS) (Primary School) will be automatically covered under IFMISS
- The insured must be aged between 16 and 65 years old (age next birthday)
NTUC SpecialCare Insurance
This insurance plan by NTUC Income provides coverage for medical expenses due to accidents and infectious diseases.
The policy holder must be a Singapore Citizen or Permanent Resident, and be a parent or legal guardian of a child
diagnosed with Down Syndrome
or Autism.
Others
A resource that was developed by SPD – Disability Money Matters Booklet. This booklet is dedicated to all
persons with disabilities and their caregivers and serves as a handy guide to help you understand various
financial assistance schemes,
grants and funds in Singapore that you can leverage on.
The Ministry of Social and Family Development (MSF) provides various forms of financial assistance under the ComCare
banner. The eligibility criteria and amount of financial help vary across the schemes; click the respective links
below for more information.
ComCare
Short-to-Medium Term Assistance is generally for families that need financial help for a temporary
period. The scheme caters to families
with a monthly household income of $1,900 and below, or a per capita income of $650.
ComCare Long Term
Assistance, also known as Public Assistance, is intended to help people who are permanently unable to work
and need help to support themselves.
If financial assistance is needed urgently for fewer than three months, there is also the ComCare Interim
Assistance Scheme.
To apply for any of the ComCare schemes, go to
your nearest Social Service Office (SSO) to find out more. Officers there will assess your application
to determine if you qualify.
From 1 January 2026, the Government will expand the MRSS to include eligible persons with disabilities of all ages, to allow them to start building up their retirement savings earlier. Eligible persons with disabilities below the age of 55 would receive the MRSS matching grant on cash top-ups to their CPF Special Account (SA), and benefit from higher CPF savings and monthly payouts in retirement. Anyone, including their families, employers, and the community, can make the top-ups to these eligible members’ SA or RA1.
Members and their loved ones or caregivers can find out more about their disability status and the verification process here.
Visit the Central Provident Fund Board (CPFB) website to find out more about MRSS and its eligibility criteria.
Tax
deductions (reliefs, rebates, expenses and donations) are given to encourage social and economic objectives
such as filial piety, family formation and the advancement of skills. There are also tax deductions available for
persons with disabilities and their caregivers to help reduce taxes.
TYPES OF RELIEFS |
Handicapped Child Relief | Handicapped Child Relief is given to parents in supporting their children. |
Handicapped Spouse Relief | Handicapped Spouse Relief recognizes both male and female taxpayers who have supported their
spouses. |
Handicapped Parent Relief | Handicapped Parent Relief is given to promote filial piety and recognizes individuals who are
supporting their parents, grandparents, parents-in-law or grandparents-in-law in Singapore. |
Handicapped Brother/Sister Relief | Handicapped Brother/Sister Relief is given to recognize individuals supporting their handicapped
siblings and siblings-in-law. |
Handicapped Earned Income Relief | Earned Income Relief is for individuals who are gainfully employed or carrying on a trade,
business, profession or vocation. A higher Earned Income Relief will be given to those with
permanent physical or mental disability that severely
affects their ability to work. |