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SINGAPORE : There is a need to prepare for the "elderly explosion" facing Singapore, said MP for Marine Parade GRC Fatimah Lateef.
Speaking in Parliament on Wednesday, Dr Fatimah said those over 60 make up just 6.8 percent of the population now, but this is expected to more than double in just 13 years to about 16 percent in 2020.
By 2050, they will account for 56.7 percent, or more than half the population.
Dr Fatimah explained, "With ageing comes along dementia-related illnesses. This year alone, there are 22,000 elderly with diagnosed dementia. By 2020, the number will rise to 54,000 and by 2050, 187,000.
"A report commissioned by Alzheimers Disease International suggests (that) dementia-related illnesses may soon overtake heart disease and cancer as the biggest health threat in the Asia-Pacific region. We need to cope with these projected numbers."
And this includes conducting local studies and analyses on the direct and indirect costs of managing the elderly with dementia or Alzheimers Disease and fine-tuning the ways to finance and organise care over the coming years.
Dr Fatimah was concerned that the average 60-year-old may not have enough money in his or her Medisave and healthcare insurance to meet such future needs.
This was why she was glad to hear of the S$200 million top-up of the Medifund and the upcoming enhancement to the Eldershield Scheme.
But planning for an ageing population includes more than meeting their healthcare needs.
Dr Fatimah added: "The research community is delighted with the projected increment of the R&D budget up to 3 percent of the GDP annually by 2010. This also comes with another S$500 million for the National Research Fund.
"I hope to see some of these monies channelled into research related to the elderly, dementia, psychogeriatrics and psychological health. These are often called 'softer sciences' and have not been given much emphasis so far." - CNA/ms
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