Longer lives, longer careers?

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With longer lives come longer careers?

LONGER LIVES, LONGER CAREERS? Poorer health, coupled with rising medical inflation, could be the spanner in the works.LONGER LIVES, LONGER CAREERS? Poorer health, coupled with rising medical inflation, could be the spanner in the works.WITH news recently of government and employers recalibrating what “retirement age” really means in the context of Industry 4.

Also, there's more evidence now that points to better health for those who keep on working. Workers who postpone retirement are less likely to develop Alzheimer's disease and other forms of dementia, than those who leave their jobs at age 60, a recent survey of nearly half a million European retirees shows.

The sobering fact is that the goal of longer life expectancies and less time spent living with an illness has yet to be achieved consistently by any country today, according to the study.

Also, the causes of DALYs that showed the largest increases between 1990 and 2017 were sense organ diseases, such as hearing loss and vision impairments , neurological disorders, which include Alzheimer's disease and other dementias , and musculoskeletal disorders . The report states that all of these increases were driven mainly by Singapore's ageing population.

The possible factors cited were overuse of insurance and doctors in private practice charging higher rates. The study showed that Singapore's medical inflation is partially driven up by supplier-led factors such as expensive pharmaceuticals and biologics. "This is leading to an increase in medical costs, which will be the biggest concern for Singaporeans as they age, according to Prudential's Healthy for 100? Healthy Care in Singapore survey. Nearly half of the healthcare practitioners surveyed in the report also say that Singaporeans will be unprepared for the health-related expenses of living to 100," he says.

"As medical costs continue to rise, we must evaluate the role we can play in making healthcare more affordable and accessible," says Mr Blackburn."As insurers, this means changing the way we engage with customers. We want to go beyond covering their medical bills to coming up with innovative solutions that can help them live well for longer. Staying healthy is the best strategy to keep one's medical expenses low in the long run," said Mr Blackburn.

Source: News Formal (newsformal.com)

 

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