Showing posts with label Aging Population. Show all posts
Showing posts with label Aging Population. Show all posts

Wednesday, July 4, 2018

Strengthening S'pore's support for Long-Term Care




Faced with falling birth rates, Singapore’s population is now aging (ie: more elderly folks than young kids), and there will be more of us that are likely to need long-term healthcare and support as we age into our golden years.

In addition to your own savings, health insurance plans and family support for your retirement, the Govt has announced that it is introducing 3 new schemes to further strengthen its framework to support S’poreans long-term care needs and expenses.


CareShield Life
This is a new long-term care insurance scheme which has lifetime cash payouts for S’poreans who become severely disabled. Premiums can be fully paid out from your CPF’s medisave account and there will be incentives and subsidies to make the premiums affordable.






MediSave Cash Withdrawals for Long-term Care
S’poreans who are severely disabled will be able to withdraw up to $200 per month from their MediSave accounts to support their long-term care needs and expenses.



ElderFund
This is a new assistance scheme for lower-income, severely disabled S'poreans who are not able to join CareShield Life, or have low MediSave balances and inadequate personal savings to meet their long-term care needs. They will be able to receive up to $250 per month.






  
These new Schemes will be implemented from 2020 and are part of the Govt’s key social policies to strengthen social risk-pooling, facilitate the use of personal and family savings and provide an additional safety net for long-term care expenses.

Taken together, and combined with other Government schemes and personal and family savings, the measures will give Singaporeans better assurance and peace of mind that they will be protected and supported for their long-term care needs, for life.

Click here for the MOH Press Release on these new Schemes. 

For more information, please visit www.careshieldlife.sg






Friday, October 21, 2016

Working to improve Singapore's public healthcare system




And who is Michael E. Porter to make this assessment of TTSH's healthcare strategy?

Michael E. PorterA Bishop William Lawrence University Professor 

Michael Porter is an economist, researcher, author, advisor, speaker and teacher.  
Throughout his career at Harvard Business School, he has brought economic theory and strategy concepts to bear on many of the most challenging problems facing corporations, economies and societies, including market competition and company strategy, economic development, the environment, and health care. 
His extensive research is widely recognized in governments, corporations, NGOs, and academic circles around the globe. His research has received numerous awards, and he is the most cited scholar today in economics and business.  
While Dr. Porter is, at the core, a scholar, his work has also achieved remarkable acceptance by practitioners across multiple fields.

Read more about him here:









Wednesday, November 4, 2015

What Singapore’s plan for an aging population can teach the United States

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Singapore, one of the world’s fastest-aging countries, has announced a massive, multipronged plan to help its citizens age successfully — one that advocates say leaves the United States in the dust.

The $2.1 billion plan announced by the Ministry of Health, “A Nation for All Ages,” comprises initiatives on topics such as health and wellness, education, volunteerism, housing, transportation, and social inclusion.

A new “National Silver Academy” will offer post-secondary education to older people, and up to $142 million will go toward innovations in research to transform the experience of aging. The initiative also includes housing elder-care and child-care centers in the same facilities to promote intergenerational bonding and piloting therapeutic gardens for dementia and stroke patients.

Singapore, an island city-state of 5.5 million, is one of the fastest aging populations in the world, with the number of residents aged 65 and over projected to hit 19 percent in 2030, up from 9.3 percent in 2011. Its plan is striking in that it focuses heavily on empowerment rather than just tending to the frail.

To be fair, it is easier to implement a nationwide plan in a tiny country where executive decisions are more streamlined. The government there enjoys high approval ratings and its large-scale plans are not subject to U.S.-style partisan battles.

On top of that, Singapore is culturally just a better place to be an old person. Deeply rooted Confucian beliefs include respect for one’s elders. In the workplace, increased deference is shown toward older employees; and in the family, oldest members are introduced first and given the choicest food. Children are legally required to assume financial responsibility for their elderly parents should the need arise. The country even has a minister in charge of aging.

But even though the United States is a larger, more diverse country with different challenges, it would do well to emulate Singapore’s approach, American experts say.

“They get it,” said Paul Irving, chairman of the Center for the Future of Aging at the Milken Institute and distinguished scholar-in-residence at the University of Southern California’s Davis School of Gerontology. “They get that older people represent a human capital asset that can improve the country. . . . They’re not just a burden on society, they’re not just a silver tsunami, but also a wonderful opportunity to capitalize on the human resource that older adults represent and to take advantage of their wisdom and judgment. We need leaders at all levels understanding this, taking it on, and getting involved.”

Instead of focusing on building more nursing homes, for example, countries should be looking for ways to improve the experience of aging at different points of the life cycle, said Laura Carstensen, director of the Stanford Center on Longevity.

“They’re really focusing on aging as a longevity issue and not just an issue of the elderly, and it’s brilliant,” she said of the Singapore plan. Too often, she said, “people just focus on ‘We’ve got to build a society that supports very old, frail people.’ We’ve got to build a society that supports people all the way through these long lives. . . . Any country that looks at longevity and not just old age stands to do well in the future.”

While Singapore’s approach is unusually comprehensive, governments in other countries with aging populations have also begun to embrace more proactive initiatives. For example, the United Kingdom this year announced it would put $77 million in National Lottery funds toward programs to support better aging.

In recent years, American cities and counties have increasingly embraced “age friendly” initiatives.

But overall the United States is faltering when it comes to its aging population, said Marc Freedman, founder and chief executive of Encore.org and author of “The Big Shift: Navigating the New Stage Beyond Midlife.” This is true despite the fact that the nation’s population of those aged 65 and over is projected to almost double by 2050, to 83.7 million.

“To my knowledge, there’s nothing here even under discussion that resembles the thoughtful, forward-looking, and comprehensive approach embodied in the new plan from Singapore —a gulf reflected in the recent White House Conference on Aging, which for example barely touched on the continued contribution of older people to the economy or to society,” he said. “By stark contrast, Singapore’s plan offers a framework for how we might go about transforming the purported zero-sum prospect of the aging society into a potential human capital windfall and a source of cross-generational harmony.

“We should see this effort as a challenge,” he said. “It’s time to develop a comparable blueprint for the U.S.”


Tara Bahrampour, a staff writer based in Washington, D.C., writes about aging and generations.

What Singapore’s plan for an aging population can teach the United States
https://www.washingtonpost.com/local/social-issues/what-singapores-plan-for-an-aging-population-can-teach-the-us/2015/11/01/f86e9596-7f42-11e5-b575-d8dcfedb4ea1_story.html?postshare=2231446516071830