Mean Testing

[mummynew]

I am trying to plan for my brothers' CPF Life and need advice.

'Average' nursing home costs about $3000/month and if eligible for subsidies, the cost can be around $600/month.

One needs to go thru 'mean testing' for subsidy assessment.

Anyone knows:

1. whether is CPF Life payout amount considered as part of 'household income' in a family?

2. if there's monthly Disability amount paid by insurance, is this considered as 'household income'?

2. the Mean Testing criterior for such subsidies?

One of my brothers only has a son and so I think this is an important part of financial planning for him and his son's 'future financial stress management'. If CPF Life payout is to be taken as part of 'household income', then probably I will get him into BRS (pledging his HDB etc to lower his 'future income' instead of trying to top it up to FRS).

 

[Charactor]

I am trying to plan for my brothers' CPF Life and need advice.

'Average' nursing home costs about $3000/month and if eligible for subsidies, the cost can be around $600/month.

One needs to go thru 'mean testing' for subsidy assessment.

Anyone knows:

1. whether is CPF Life payout amount considered as part of 'household income' in a family?

2. if there's monthly Disability amount paid by insurance, is this considered as 'household income'?

2. the Mean Testing criterior for such subsidies?

One of my brothers only has a son and so I think this is an important part of financial planning for him and his son's 'future financial stress management'. If CPF Life payout is to be taken as part of 'household income', then probably I will get him into BRS (pledging his HDB etc to lower his 'future income' instead of trying to top it up to FRS).

Hello mummy1234

 

[reddevil0728]

Hello mummy1234

Clone?

 

[Charactor]

Clone?

Just a guess.. But then, the more e merrier

 

[Prof. Utonium]

In SG, generally CPF payout not considered as income which is why retirees may still get the max amount of grants/vouchers/rebates. This should applies for insurance payout too. As income means source of funds derived from your employment/business.

But take note, it is household income. So even if he is not working, anyone family members staying in that house would be considered part of the household during means testing.

Why not get in touch with AIC/MOH directly, they could provide you with a better understanding.