The Manulife Asia Care Survey 2024 shows how people across Asia perceive their current and future physical, mental, and financial well-being, and how Manulife can be their partner for progress. Manulife surveyed more than 1,000 Singapore respondents in January 2024.
Singapore respondents have high aspirations for their future physical, mental, and financial well-being but they are unsure if they will achieve their desired levels of well-being.
They feel most unprepared for their 'financial' well-being in ten years, with 14 points' difference between their 'desired' and 'expected' future well-being.
Singapore respondents also rank mental well-being as the most important and financial well-being as the least important. In fact, mental well-being, physical health, and future health indicators are equally important, as mental health can also serve as a sign for future physical ailments.
Let's take a deeper look at what challenges they are facing:
70% of respondents think that their workplace benefits are inadequate
Ensuring adequate medical protection is crucial when planning for retirement, as healthcare needs increase with age. Yet, government healthcare systems may not necessarily offset escalating treatment costs.
Furthermore, 70% of respondents feel that the health benefits and coverage from their employers are not enough. 68% of them think that they need to top up the retirement and pension benefits from their employers to boost their future financial well-being.
Top 3 rising healthcare costs felt by Singaporeans
The price of out-patient services is a leading concern.
Based on people's perceptions, costs in these areas have increased by 17%, 20%, and 20% respectively in the last 12 months. This can be attributed to factors including new technology, rising wages, as well as general inflation.
Top 5 actions taken in response to the impact of rising healthcare costs
People across Asia have different strategies towards mitigating the impact of rising healthcare costs. In the last 12 months, nearly 50% of respondents tried exercised more to stay healthy , which are the right approaches to enhance immunity1.
Interestingly, 14% of respondents will choose a medical insurance plan with a higher premium and more coverage and benefits to mitigate the impact of rising healthcare costs.
Why aren't people taking action to alleviate rising healthcare costs? Many don't know how.
Only 11% of respondents have not taken any actions. The main reason is that the majority have no idea what to do. Many of them feel helpless under soaring medical inflation and uncertain about where to seek professional advice.
However, 17% of respondents still want to get the best healthcare and think money is secondary. That's why they did not lower their medical healthcare standard, i.e. by delaying or skipping health checks and treatments, or choosing a medical insurance plan with a lower premium and less coverage and benefits.
What can I do?
Don't let medical inflation hinder your retirement.
|
20242 |
Annual General Inflation (%) |
3.5 |
Annual Medical Trend Net Rates (%) |
9.5 |
If you liked this study, you may find this interesting
Footnotes
- https://www.cdc.gov/healthy-weight-growth/about/enhancing-immunity.html?CDC_AAref_Val=https://www.cdc.gov/nccdphp/dnpao/features/enhance-immunity/index.html
- https://www.aon.com/en/insights/reports/the-global-medical-trend-rates-report?title=The%2520Global%2520Medical%2520Trend%2520Rates%2520Report%25202024&description=Please%2520complete%2520the%2520form%2520to%2520access%2520the%2520Global%2520Medical%2520Trend%2520Rates%2520Report%25202024%2520report.%2520Fields%2520marked%2520with%2520an%2520asterisk%2520%28*%29%2520are%2520required.&toggle=modal&modalTarget=gateModal
