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Dementia’s impact on millennials: Why early planning is essential to manage emotional and financial toll
With more young Singaporeans affected by issues including memory loss and personality change, Singlife introduces an add-on long-term protection plan against cognitive decline and mental health conditions
With Singlife Dementia Cover complementing your existing Singlife CareShield Standard or Plus plan, you can protect yourself from the challenges of cognitive decline. PHOTO: GETTY IMAGES
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Cynthia (an illustrated example) is a 40-year-old working mother who juggles her career with family responsibilities, such as caring for young children and her ageing parents.
While she is in the prime of her life, she is also starting to think about her future and the potential challenges that come with ageing.
She has an Integrated Shield plan for any hospitalisation needs, while her long-term care needs in the event of severe disability are covered by the national scheme CareShield Life.
As she was concerned that the national scheme only covers part of the costs associated with long-term care, she has boosted her coverage with the Singlife CareShield Standard plan. A financial adviser representative recommended a coverage amount based on her financial needs and budget to narrow her protection gap.
Yet, she wonders if this is enough with the ever-rising cost of living in Singapore. One of her biggest concerns is the possibility of cognitive decline as she ages.
Dementia coverage for long-term protection
In Singapore, 100 individuals as young as 40 are diagnosed with young-onset dementia every year. This refers to dementia that develops in people below the age of 65.
By 2030, more than 100,000 Singaporeans may be affected by dementia-related issues. The two most common types of dementia are Alzheimer’s disease and vascular dementia.
Cynthia saw how a relative with dementia lost his memory as well as his sense of balance and coordination gradually, experienced changes in his personality and struggled with daily tasks.
The constant care and attention that he required put a great amount of emotional strain on his loved ones who were his caregivers. She also witnessed how the costs of medical care, specialised equipment and home modifications quickly added up, impacting her relatives’ financial stability.
Watch the video below to learn about one family's journey in dealing with the impact of declining mental health.
If you are in your 40s, you might be in a similar situation as Cynthia – climbing up the career ladder, caring for your family and planning for your future. But have you considered the potential impact of cognitive decline on your life plans?
Singlife Dementia Cover is designed specifically to provide comprehensive coverage for cognitive decline and mental health issues. This insurance, which is the first of its kind, will complement your existing Singlife CareShield Standard or Plus, or Singlife ElderShield Standard or Plus plans to boost your long-term care protection.
And when combined with a support system like Singlife Care Collab, you can live life more confidently knowing you are protected against the financial and emotional toll of dementia.
Supporting caregivers with Singlife Care Collab
To facilitate caregivers’ access to resources, Singlife introduced Singlife Care Collab, making it accessible to all its customers without the need to sign up. This one-stop health services hub provides a wide range of preventive care and trusted healthcare services with Singlife’s partners, such as Dementia Singapore, Agency for Integrated Care (AIC), Homage, Icon Cancer Centre, IHH HealthCare, Parkway Cancer Centre and SG Assist.
Singlife’s Dementia Cover policyholders also get preferential rates on selected partners like Helpling, Immortalize, Doctor Anywhere and SimplyWills.
Caregivers can apply for free membership on Dementia Singapore’s Cara app to access more solutions and support. This is especially important considering the emotional toll of caregiving. In a joint study conducted by Milieu Insight and Dementia Singapore, more than seven in 10 caregivers said they were overwhelmed by their responsibilities.
There is currently no cure for dementia, though medical treatments can slow down the progression of the condition, and improve behavioural symptoms.
It is also possible to take preventative measures. Even before you are diagnosed with dementia, you should apply for a Lasting Power of Attorney (LPA) to appoint a trusted person to make decisions for you if you lose mental capacity.
Reducing risk factors from a younger age, such as avoiding smoking and excessive alcohol consumption and managing hypertension and diabetes from a younger age, can also lower the risk of developing dementia. Engaging in physical and social activities can help delay the onset of the condition.
What is Singlife Dementia Cover?
- It is a standalone plan that you can purchase when you are covered under a Singlife Long Term Care Plan like Singlife CareShield Standard/Plus and Singlife ElderShield/Plus.
- Singlife Dementia Cover is the first insurance plan in the market to provide payouts of up to $100,000 for cognitive decline and mental health paid out over 10 years. You will be covered up to 99 years old, relieving your caregivers and you of the financial burden of living with dementia.
- Depending on how much you opt to be covered, you can choose your benefit amount which can range from $200 to $2,000, amounting to a total payout of up to $170,0001.
- You can stop paying for the policy and stay covered once you are diagnosed with late-stage dementia and receive the Cognitive Care Benefit.
- Get covered for major depressive disorder, schizophrenia, bipolar disorder and early or intermediate dementia with coverage of up to $50,000 paid out over 5 years.
- Persons with dementia may display changes in their behaviour, emotions and mood. Singlife Dementia Cover gives you a one-time lump-sum payout of up to $10,000 under the Emotional Resilience Benefit for depressive or anxiety disorder after a dementia diagnosis2.
- As dementia patients have a high risk of falling and injuring themselves, you will receive a one-time lump-sum payout of up to $10,000 for medical expenses incurred for accidental burns or fractures following a dementia diagnosis2.
Footnotes:
1Total payout of S$170,000 is based on maximum benefit amount of S$2,000, including Cognitive Care Benefit (5 times selected benefit amount over 10 years), Mental Care Benefit (5 times selected benefit amount over 5 years), Emotional Resilience Benefit (5 times selected benefit payable one lump sum) and Medical Expenses Benefit (5 times selected benefit amount payable lump sum).
2Singlife will pay a one-time lump-sum payout of 5 times the chosen benefit amount under the Emotional Resilience Benefit for Depressive or Anxiety Disorder after a Dementia diagnosis and Medical Expenses Benefit for accidental burns or fractures after a Dementia diagnosis.
Disclaimers:
All ages mentioned are age next birthday. Terms and conditions apply.
This policy is underwritten by Singapore Life Ltd. The Straits Times is not an insurance agent or intermediary and is not allowed to solicit any insurance business or give advice on or recommend any product nor be involved in any discussions, negotiations or the arrangement of any insurance contract between you and Singapore Life Ltd. Please direct all enquiries to Singapore Life Ltd.
This material is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. You should read the Product Summary and seek advice from a financial adviser representative before making a commitment to purchase the product. If you choose not to seek advice from a financial adviser representative, you should consider whether the product in question is suitable for you.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. Buying a health insurance policy that is not suitable for you may impact your ability to finance your future healthcare needs.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Protected up to specified limits by SDIC.
The information contained in this broadcast is accurate as at June 26, 2024.
