Ageing Well: Planning for Your Mental Health in Your Golden Years
When we age, our bodies aren't the only things that change. Our mental health can also decline, and it's crucial to acknowledge and prepare for these shifts.
Research shows that mental health issues are common among older adults, with conditions like depression, anxiety, dementia, and cognitive decline becoming more prevalent as we age.
In Singapore, a Well-being of the Singapore Elderly (WiSE) study conducted by the Institute of Mental Health (IMH) found that 10% of the elderly population above 60 suffers from depression, though this number may be underestimated due to the stigma surrounding mental health issues.
But with the right knowledge and planning, we can navigate these challenges and maintain a fulfilling and joyful life well into our golden years.
Understanding Age-Related Mental Health Issues
The second half of life can be a time of well-deserved relaxation, where we can focus on the things that truly matter and find peace in the present moment.
However, it's also a phase where our mental and emotional landscape may shift, presenting unique challenges that require understanding and attention.
As we age, various factors can contribute to mental health risk factors and even lead to mental health disorders in older adults.
- Retirement: The shift from a structured work life to a more open schedule can lead to feelings of loss of purpose or identity, potentially triggering depression or anxiety.
- Health Concerns: As our bodies age, we may experience health issues or chronic pain, leading to increased stress and worry.
- Loss and Grief: The passing of loved ones and friends can leave us feeling isolated and lonely, increasing the risk of depression.
- Financial Worries: Concerns about retirement savings, healthcare costs, or financial security can contribute to anxiety and stress.
- Cognitive Changes: It's natural for our cognitive abilities to change as we age. While some forgetfulness is normal, more significant memory problems or difficulties with thinking and reasoning could be signs of dementia or a cognitive decline.
How Proactive Measures Can Help One Prepare for Age-Related Mental Health Issues
While ageing can bring about changes in our mental health, it's important to remember that we have the power to shape our well-being.
By taking proactive steps and adopting healthy lifestyle choices, we can not only reduce the risk of mental health issues but also enhance our overall quality of life in our older years.
Thinking about mental health might not be at the top of everyone's list, but a little planning can go a long way:
- Build Your Support Team: Surround yourself with loved ones who uplift and encourage you. Nurture your relationships with friends and family, and don't hesitate to lean on them for support when needed.
- Find Your Tribe: Seek out community groups or clubs where you can connect with others who share your interests and passions. Social connection is a powerful antidote to loneliness and isolation.
- Get Proactive About Care: Research therapists or counsellors specialising in mental health for older adults. Having a trusted professional on your team can provide guidance and support when life throws curveballs.
- Stay Active: Regular exercise isn't just good for your body; it's a mood booster too. Find activities you enjoy, whether it's walking, swimming, dancing, or tai chi. Aim for at least 30 minutes of moderate-intensity exercise most days of the week.
- Challenge Your Brain: Keep your mind sharp by engaging in mentally stimulating activities. Read, learn a new language, play games, or try puzzles. Challenging your brain helps build resilience and can even slow cognitive decline.
- Nurture Your Spirit: Explore activities that bring you joy and peace. This might involve spending time in nature, practising mindfulness or meditation, pursuing creative hobbies, or volunteering your time for a cause you care about.
Financial Planning for Mental Health Needs
Financial well-being and mental health are closely intertwined. By taking proactive steps to secure your financial future, you not only alleviate potential stressors but also create a sense of control and stability that supports your overall mental well-being.
Creating a will or trust can ensure that your assets are distributed according to your wishes, providing financial security for your loved ones after you're gone. It's also an opportunity to designate a trusted person to make healthcare decisions on your behalf if you become unable to do so.
Insurance Coverage for Mental Health
Think of insurance as a safety net for your mental well-being, complementing your financial planning efforts and providing peace of mind when unexpected mental health challenges arise. It can alleviate the financial burden associated with seeking professional help, allowing you to focus on your recovery and well-being without financial stress.
Why Insurance Matters for Your Mental Health:
- Access to Quality Care: Mental health conditions like depression or anxiety may require professional intervention. Insurance ensures you can access qualified therapists, counsellors, and psychiatrists without worrying about the cost.
- Removing Financial Barriers to Care: Insurance ensures you can access the professional help you need, from therapy and counselling to medication and hospitalisation, without the worry of overwhelming costs.
What Types of Insurance Plans for Mental Health are Available?
While there are typically no standalone mental health insurance plans readily available, a whole life insurance plan, like Income's Star Secure Pro, offers the flexibility to add the Early Life Accelerator rider that includes mental health coverage.
The Star Secure Pro Early Life Accelerator rider provides coverage for the following mental conditions - Major Depressive Disorder, Obsessive Compulsive Disorder, Schizophrenia, Bipolar Disorder and Tourette Syndrome under the Special and Mental Benefit1,2.
Remember, your mental health is a priority at every age, and taking care of it is an essential part of a happy and fulfilling life. By understanding the challenges, taking proactive steps, and planning for your future, you can embrace ageing with confidence and joy.
1 For policies issued by us that include Special Benefit or Special and Mental Benefit, we will pay no more than $30,000 for the same condition or procedure for each insured, no matter how many of such policies we have issued to cover the same insured. Please refer to the policy conditions for further details.
2 We will not pay this benefit if the insured suffered symptoms of, had investigations for, or was diagnosed with the disease any time before or within 90 days from the cover start date. The insured must survive for at least seven days from the date of diagnosis, or after having the medical procedure, before we pay this benefit.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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