Demand for healthcare for the aged set to rise significantly

SinChew: KUALA LUMPUR, Sept 26 (Bernama) -- The demand for healthcare for the aged is expected to rise significantly in the coming years based on projections by the United Nations (UN).
Chief executive officer of Employees Provident Fund (EPF), Tan Sri Azlan Zainol, said under the UN definition, the Malaysian population was ageing.
"We are now classified as an 'ageing' nation, with over seven per cent of our population aged 60 years and older," he said in his keynote address at the Malaysian Private Pension and Healthcare Conference 2011 here today.
Azlan said with old age medical expenses were expected to increase.
He said health spending in Malaysia has grown from RM9.8 billion in 2007 to RM12.2 billion last year while the federal government's health expenditure was expected to be RM13.2 billion.
"This rise is moving in synchrony with the ageing demographics of the country and with rising healthcare costs," he said.
Azlan said the demand for healthcare was so strong that the country now has 217 private hospitals when 30 years ago, there were just a handful.
He said EPF was cognizant of its members' needs and for those most urgent, it has provided withdrawal schemes from members' account two such as for housing, education and critical illnesses.
"Specifically for critical illness withdrawals, we have raised the number of critical illnesses eligible for withdrawal from 36 to 55," he said.
Azlan said for critical illnesses, the EPF has in the past three years seen steady amounts of withdrawals, from circa RM46 million in 2006 to around RM35 million last year for a total of RM220 million in these past five years.
"We note, with some satisfaction that these amounts have been falling, implying, among other things, the increased awareness of the importance of retirement savings despite the rise in medical costs," he said.