Summary:Is home nursing more expensive than hospital care? How much should you budget for medical expenses? A study by Marsh predicts that each senior’s healthcare in Singapore may cost as much as S$53,000 a year by 2030. Quadruple that amount to S$212,000 if you are taking care of your parents and in-laws.
Chronic illnesses such as diabetes, stroke, cancer, heart disease and hypertension are expensive in the long run as our parents live longer. There will be regular check-ups, medication and doctor or specialist visits to pay for. This is where the Community Health Assist Scheme can come in handy to reduce costs.
According to the Ministry of Health in Singapore, 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime and may need long-term care. That means planning ahead for help like a caregiver, nursing home or elderly daycare.
Personal Takeaway
1.Check the clinic near to you that allow CHAS
2.Setting up a bedroom with hospital equipment and hire caregiver
3.Purchase the necessary insurance
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