Financial experts try to figure out the amount required by the senior citizens to meet their basic needs

Social workers who were asked certain questions in an interview told that it is difficult to find out the requirements of the senior citizens to meet the basic standards of living, who are living alone. Although it was said by some of the financial consultants that the amount would have to be more than $1,379 inclusive of the amount for healthcare needs.

About a week ago, a study was conducted by a team of researchers of different universities which showed that a senior citizen of Singapore who has the age of 65 or above and lives alone needs around $1,379 a month to fulfill his basic needs. Whereas, those aged between fifty-five and sixty-four are in the need of $1,721, while the couples aging 65 or above needed $2,351 per month.

However, these figures are not inclusive of the expenses for the treatment of chronic conditions or major sickness.

Although the healthcare of the Singaporeans has been kept affordable by the Government, the experts told that the medical expenses do not come under the subsidies and hence should be accounted as well since it is very common for the seniors to develop an illness with age.

Due to the limit of physical mobility, the senior citizens would also be in need of more taxi trips to be able to get their medical appointments on time. These trips would cost them an additional expense of $50 to a hundred a month.

In addition to medicine, seniors also have a requirement of supplements like vitamins.

Even though the $1,379 is sufficient for the elderly person who has a simple lifestyle and is healthy, it’s not manageable for simple pleasures or urgent needs. Which means that an average senior citizen who is also sick requires more money to be able to afford the medical expenses.