Longevity is a social problem
By scheng1
@scheng1 (24649)
Singapore
April 22, 2016 8:49am CST
Longevity is a social time bomb.
All of us want to live longer, and to enjoy good health in our 90s or after 100.
We want our parents, grandparents, friends, and children to live a long life too.
The problem is that most of us are not capable of saving up enough money to last us for such a long time.
When you are in good health, you do not think about medical cost or cost of a bed in a nursing home.
The problem is that sooner or later our aged grandparents or parents will have to incur high medical cost or nursing home cost.
The money must come from somewhere. Since we are not likely to pay so much money in cash, the insurance companies will have to pay its share, and the government will have to pay the rest.
Longevity is a social problem because the future generation is going to pay for it.
8 people like this
8 responses
@scheng1 (24649)
• Singapore
23 Apr 16
Yes, the insurance premium is getting much higher, and not many insurers dare to provide whole life insurance at a good rate anymore.
They rather give term insurance up to 70 or 80, and after that, we are on our own.
That happens to be the time when we need insurance coverage more than ever.
2 people like this
@Marilynda1225 (91035)
• United States
22 Apr 16
That's why I have my 94 yr old mom living with me and am doing all the caregiving. The cost of a nursing home is outrageous
3 people like this
@scheng1 (24649)
• Singapore
22 Apr 16
My goodness, you must be feeling very frustrated at times.
it is not easy to take care of old people, especially one as old as your mum!
I am so glad that the government subsidized heavily on senior day care, old aged home, and the cost of hiring a maid is not that high.
1 person likes this
@quantum2020 (12054)
• Ciudad De Mexico, Mexico
22 Apr 16
Humans would like to live longer and enjoy much of their lives. While,in some parts of the world, people are living longer, on other parts, people don´t expect to reach their 70s or 80s. Governments should implement programs that are focused on the oldest people, so they can enjoy their latter years.
2 people like this
@scheng1 (24649)
• Singapore
22 Apr 16
Our average life expectancy in Singapore already exceeds 82!
Since that is average, that means half the population will live beyond the age of 82.
That is due to good government with good medical structure.
However, that comes with a price, and that means we have to prepare for more living expenses.
3 people like this
@scheng1 (24649)
• Singapore
22 Apr 16
@Angel_15 Actually there are a lot of fat people in Singapore.
I wonder why you do not see them.
The government forces the fat kids to exercise a lot in school, and that helps to contain the number of fat children.
For guys who have to go for army training, they will slim down!
Army life is tough!
2 people like this
@Angel_15 (670)
• Manila, Philippines
22 Apr 16
@scheng1 82 is a great average life expectancy. I've been to Singapore, and I think the high life expectancy of people there is also due to their healthy lifestyle. Seriously, when I was there I lost a lot of weight because I had to walk long distances to reach my destination. Fat people are rare in Singapore because people walk all the time. I also remember that food sold in groceries are usually low in fat and sugar. I remember the Nesvita in Singaporean groceries. They were all low in sugar. Eating that low-sugar Nesvita toook some getting used to.
2 people like this
@cherriefic (10399)
• Philippines
22 Apr 16
It's normal for humans to wish for a longer life.
1 person likes this
@cherriefic (10399)
• Philippines
22 Apr 16
@scheng1 I guess that's really a problem since most people aren't even prepared for their retirement.
1 person likes this
@scheng1 (24649)
• Singapore
22 Apr 16
@cherriefic Yes, it sure sounds scary to think that you retire at 65, and live to 100.
That is 35 years of unemployment, and you have money going out, and not a single cent coming in.
@JamesHxstatic (29410)
• Eugene, Oregon
23 Apr 16
Very true. I was able to get long term care insurance when I was in my early 60s, but my wife has none. It is ironic that I need no prescriptions at all and she takes several. We are living much longer in this country too.
1 person likes this
@scheng1 (24649)
• Singapore
23 Apr 16
You are lucky that you were in great health when you were in your early 60s.
Most insurance companies do not accept anyone with medical condition, regardless of age.
That is why the young ones have to start sourcing for whole life insurance, and add on a lot of riders for the future needs.
Once they start to have health problems, the insurance companies will not let them buy insurance anymore.
1 person likes this
@JamesHxstatic (29410)
• Eugene, Oregon
23 Apr 16
@scheng1 Yes, insurance companies are profiteers.
1 person likes this
@hereandthere (45628)
• Philippines
22 Apr 16
and if the younger generation delays having children, or have only one or two children...
1 person likes this
