Suppose you’re aging gracefully with no significant health issues, but you might need some help with household chores, which would require hiring a maid. You’ve settled your mortgage and car loan and have no outstanding debts, and you wish to lead a simple lifestyle.
Here’s an estimate of your average yearly expenses in today’s value:
- English-speaking maid: RM1,600 X 12 months = RM19200
- Private hospital medical check-up: RM1500
- Medication & supplements: RM200 x 12 months = RM2400
- Annual medical insurance premium: RM6000
- Groceries: RM900 x 12 months = RM10800
- Transport (fuel & toll): RM250 x 12 months = RM3000
- Annual 3-day vacation within Malaysia: RM1200
- Utilities (water, electricity, etc.): RM200 x 12 months = RM2400
- Total: RM46500
However, this is a very cautious estimate and overlooks many of the complications associated with aging.
It simply presumes that the elderly individual can live semi-independently with minimal assistance. But that’s not always the case.
As we get older, our mental and physical health declines, and there may come a time when living alone is no longer feasible. That’s when assisted living becomes necessary.
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