Singaporeans open to living in nursing homes in old age

Study-sponsoring insurer launches insurance product aimed at the elderly

Insurance News

By Gabriel Olano

Around half of Singaporeans are amenable to live in nursing homes or other shared communities with other seniors once they reach their elderly years, according to a survey by insurer NTUC Income.
The study, conducted in cooperation with the Lien Foundation, involved 950 Singapore citizens and 50 permanent residents aged 30 to 75. Around half of those surveyed were open to moving into nursing homes, but nine out of 10 said that they would like to have privacy by occupying single or twin-bed rooms. However, six- or eight-bed wards are much more common in the country.
According to the report written by Radha Basu: “Dormitory-style living continues to be the default option in Singapore nursing homes, including in new homes. Clearly there is a disconnection between what consumers say they want and what’s on offer, including new facilities.”
Another finding was that 80% of Singaporeans are worried about growing old, with the top concern being ability to care for themselves in their senior years. It was followed by running out of savings in second place, and medical and health expenses in third.
Accompanying the study, NTUC Income also launched an insurance policy geared towards elders up to the age of 100, covering diseases that usually affect older people, such as Parkinson’s, dementia and Alzheimer’s.
Recently, the Lien Foundation released a report detailing that despite the growing elderly population, there seems to be a lack of housing options for them. Estimates showed that by 2030, around 50,000 seniors will need assisted living facilities, but there are currently only 12,000 nursing home beds.
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