Weitere ähnliche Inhalte Ähnlich wie Smart health healthcare cost projection (20) Kürzlich hochgeladen (20) Smart health healthcare cost projection2. www.iss.nus.edu.sg/SmartHealth
We worry about these…
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http://population.sg/engagement/townhall/opening-address/#.Vt6h_Pl96M8
Opening Address by DPM Teo Chee Hean at the “Our Population, Our Future” Townhall Dialogue on 9 October 2012
(2000 feedback)
4. www.iss.nus.edu.sg/SmartHealth
Is S$1200 enough?
4© 2015 National University of Singapore. All Rights Reserved.
What are the assumptions?
Excluding accommodation
Today value of $
Mobility is not an issue
Perfectly healthy
All chores can be done by
individual
5. www.iss.nus.edu.sg/SmartHealth
Will we be perfectly healthy after
retirement?
01/04/2016
8:39 am - smart
health
healthcare cost
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The use of medical care services rises with
age. Singapore hospital admission rate for
people aged 65 and above was increased
from 24% in 2006 to 29% in 2014.
In 2014, hospital admission rate for people
aged 65 and above ranged from 20% to 72%.
A large proportion of healthcare costs
associated with end of life care.
*Rate Per 1,000 Resident Population
https://www.moh.gov.sg/content/moh_web/home/statistics/healthcare_institutionstatistics/hospital_admissionratesbyageandsex/Hospital_Ad
mission_Rates_by_Age_and_Sex_2014.html
6. www.iss.nus.edu.sg/SmartHealth
Is Price going to increase, hold or
decrease?
© 2015 National University of Singapore. All Rights Reserved. 6
Increases in Healthcare CPI are much higher than General CPI.
https://www.moh.gov.sg/content/moh_web/home/statistics/Health_Facts_Singapore/Consumer_Price_Indices_CPI_and_Household_healthcare_Expenditure.html
7. www.iss.nus.edu.sg/SmartHealth
How much is enough for
expenses post retirement?
Depends on ….
lifestyle
Health
Target retirement age
Life expectancy
General inflation
Healthcare inflation
Investment/saving returns
7
8. www.iss.nus.edu.sg/SmartHealth
Methods for Estimating Expenses
(for individual)
Cost Perspective
Focusing on :
Cost of medication and assistance required for
individual.
Integrate with general price inflation and
healthcare price inflation to project future
value
Assumptions
Hospitalization and treatments are covered
by insurance/medishield.
© 2015 National University of Singapore. All Rights Reserved. 8
9. www.iss.nus.edu.sg/SmartHealth
Illness associated with Aging
• Expenditure
• Medications
• Care giver &/ Helper
• Health supplements
• Others ( diapers, …)
• Condition
• High blood pressure
• High cholesterol
• Diabetes
• Bones/Joint
• Arthritis
• Parkinsonism/dementia
• Malnutrition
• Osteoporosis + fall
© 2015 National University of Singapore. All Rights Reserved. 9
10. www.iss.nus.edu.sg/SmartHealth
Is S$1200 enough?
10© 2015 National University of Singapore. All Rights Reserved.
Other cost /month:
Helper : $660 ++
Supplement: $300
High blood pressure : $35
High cholesterol : $45
Diabetes : $100 - $150
Others $300
11. www.iss.nus.edu.sg/SmartHealth
Basic needs + Healthcare
(example diabetes medication + Mobility
assistance)
Basic Diabetes Assistance Supplement Others
© 2015 National University of Singapore. All Rights Reserved. 11
(8%)
(55%)
(25%)
(25%)
Basic $1200
(100%)
Medication + Care $1360
(113%)
12. www.iss.nus.edu.sg/SmartHealth
What is the cash value required
at year of retirement?
© 2015 National University of Singapore. All Rights Reserved. 12
25 years old Target retirement age
50 years old
Life Expectancy
80 years old
20162016 20412041 20712071
Living cost
13. www.iss.nus.edu.sg/SmartHealth
Retirement Planning Calculator
Goal :
• Create awareness of healthcare cost
and expenditure
• Motivate individual to consider
healthier lifestyle at their younger
days to avoid hefty future healthcare
cost burden
Key consideration:
• Current Age
• Target Retirement Age
• Life Expectancy
• Medical conditions
• General inflation for basic
expenditure
• Healthcare inflation
By Mtech EBAC Student :
Daniel, Jonathan, Edmond , Alan, Vivien, & Siong
© 2015 National University of Singapore. All Rights Reserved. 13
14. www.iss.nus.edu.sg/SmartHealth
Demo
Mrs Koo, is 39 years old, and overweight.
She enjoys rich and sumptuous meals like many
Singaporeans.
Her mother was diagnose with Type 2 diabetes at age
of 52 and had her limps amputated 5 years later.
Questions :
What is the cost of diabetes to Mrs Koh?
How much cash does she needs if she plan to retire
at 65 ?
© 2015 National University of Singapore. All Rights Reserved. 14
15. www.iss.nus.edu.sg/SmartHealth
Summary
We hope to
• create awareness of healthcare cost through
interactive mode.
• partner with health care industry players to
motivate individual to choose healthier lifestyle,
especially in their young days.
• encourage individual to start saving and invest
as early as possible.
• engage with industry players to fine tune
existing analytic project or conduct new
projects.
© 2015 National University of Singapore. All Rights Reserved. 15