Less than half of Singapore's HNWIs feel financially ready for healthcare costs later in life

SINGAPORE: Less than half of high-net-worth individuals (HNWIs) in Singapore feel they’re financially prepared to handle future healthcare needs, with only 44% saying they feel “very” or “extremely” confident about being able to afford long-term care and medical expenses in later life, Singapore Business Review reported, citing a study from Manulife.

Despite 94% of respondents valuing health above everything else and having access to world-class healthcare and wellness resources, only 44% believe they will remain healthy and active in retirement. Meanwhile, only 47% feel confident that their financial plans cover potential disability or health issues, with many unsure how to include healthcare costs in their long-term financial and estate planning.

Notably, the report also found a shift in priorities among the wealthy in the city-state. More than half of HNWIs said they value wellness and meaning over simply living longer, with 58% saying a “meaningful life” is their top priority in ageing well.

When it came to barriers that make ageing with confidence harder, respondents pointed to concerns of mental health (34%), navigating healthcare and insurance options (32%), and struggling with implementing necessary lifestyle changes (30%).

Still, half of the respondents surveyed said they are working with wellness or longevity experts, and nearly half have upgraded to more advanced health insurance plans, while others are utilising technology and newer wellness practices, such as sleep tracking, intermittent fasting, and cryotherapy.

According to the latest report from the Ministry of Social and Family Development (MSF), more than 87,200 seniors lived alone in 2024, up from just around 43,000 ten years ago. Meanwhile, in households where the elderly require long-term care, many millennials and Gen X are shouldering the financial burden, as government support often falls short. /TISG Read also: About 6,000 vulnerable seniors to benefit from S$7.3M DBS Foundation programme, but netizens say it’s just a ‘band-aid measure’ Featured image by Depositphotos (for illustration purposes only)