Why is it that Singapore’s health protection gap is the highest in Asia, on a per capita basis?

I refer to the article “Asia’s health protection gap widens to US$1.8 trillion: Swiss Re” (Business Times, Oct 6).

It states that “THE health protection gap in Asia is estimated to have reached US$1.8 trillion, representing 40 million households that forgo medical treatment to avoid financial stress, a study by Swiss Re has found.”

I understand that the gap for Singapore is the highest on a per capita basis, among all the countries in Asia.

So, how affordable is healthcare in Singapore?

In this connection, according to the article “Reserves cannot be further tapped for healthcare: PM” (Straits Times, Mar 5) – “Singapore cannot draw more from its reserves to fund healthcare spending in the future, as this will quickly deplete its nest egg, said Prime Minister Lee Hsien Loong.

The needs of an ageing society are beyond those of “a rainy day”, he said. “It is an ‘everyday need money’ day. We will need to spend more on healthcare every year, year after year, for many years to come.”

In this connection, Singapore’s public healthcare  spending as a percentage of GDP, at just about 2.5 per cent ($9.8 divided by $400 billion), is probably the lowest in the world.

Singapore workers contribute up to 10.5 percent of their wages to mandated savings accounts (Medisave account) that may be spent on health care and insurance.

This is I believe is in a sense from a cashflow perspective – probably the highest national health insurance contribution (pre-pay basis) in the world.

From a cashflow perspective – the Government  may still not be spending any money on healthcare, as total annual Medisave contributions plus the annual interest on total Medisave accounts’ balances may exceed total annual government spending on healthcare and withdrawals for medical expenses and insurance premiums.

 

Leong Sze Hian

 

 

Sponsored Content

7 Responses to “Why is it that Singapore’s health protection gap is the highest in Asia, on a per capita basis?”

  • LIONS:

    Cannot spend on HEALTHCARE but,but,CAN ANYHOW $QUANDER on O$tentacious like F1,GARDENS BY THE BAY FT-SCHOLARSHIPS,LAME FOREIGN COMPANIES,ETC.

    Cannot assist older sgs with healthcare subsidies but STILL WANT TO ADD HIGH GST?!
    PLS IF YOU REFUSE TO HELP,THEN DONT ADD TO THE BURDEN OF HIGH MEDICAL BILLS FOR OLDER SGS N JOBLESS.
    REFUND THE GST OR EASIER,MAKE IT GST-FREE?

    THR PAP ARE A PACK OF GREEDY HYENNA$,always finding ways to SUCK MORE MONEY from NEEDY SGS THEY REFUSE TO HELP!

    IS THIS REDPINSIBLE OR ETHICAL AT ALL?

    WHAT KIND OF MIW-SCHOLARS WE HAVE FOR TOP PUBLIC SERVANTS who refuse to SERVE BUT WANT TO BE SERVED INSTEAD?

    GD Star Rating
    loading...
  • rukidding:

    This “Cheng Hu” needs to “borrow and use” your $$$$ to “cover” something that is so,so “secrective” lah !

    Didn’t I once wrote that my “Cancer patient fren” couldn’t withdraw all his $$$$ from Cpf even though his SGH doctor help wrote a letter to support his medical case ??

    Today, this “patient” still has about $100k “STUCK” inside his cpf and cannot be “withdraw” further…but only can “slowly, slowly use about $300 at a time per year for critical illness”

    So “pitiful” when he knows he has $100k to “support hs health”…but yet cannot “touch anymore”….and he has to “borrow extra $$$ from frens and relatives” to PAY for his EXPENSIVE CANCER drugs using “upfront cash” because….THERE IS NO SUSIDY on these EXPENSIVE DRUGS nor Can you use Medishield …only $300 per year for a packet of CANCER DRUGs costing $800 per month ????

    Imagine how sad the situation can be when every year he needs to find the “extra” ($800 x 12) – ( the miserable, meagre $300 from medisave ) ???

    What is happening to this place ???

    GD Star Rating
    loading...
  • Misplaced priorities:

    The reserves cannot further be utilised for citizens’ healthcare …but can use to build more unneccessary airport terminals and the superficial playgrounds for the rich n super rich.
    And can splurge $20mil on KJU +Trump meet for 2days!
    What does that tell us?

    GD Star Rating
    loading...
  • lying pap a bunch of liars:

    LIONS:
    Cannot spend on HEALTHCARE but,but,CAN ANYHOW $QUANDER on O$tentacious like F1,GARDENS BY THE BAY FT-SCHOLARSHIPS,LAME FOREIGN COMPANIES,ETC.

    Cannot assist older sgs with healthcare subsidies but STILL WANT TO ADD HIGH GST?!
    PLS IF YOU REFUSE TO HELP,THEN DONT ADD TO THE BURDEN OF HIGH MEDICAL BILLS FOR OLDER SGS N JOBLESS.
    REFUND THE GST OR EASIER,MAKE IT GST-FREE?

    THR PAP ARE A PACK OF GREEDY HYENNA$,always finding ways to SUCK MORE MONEY from NEEDY SGS THEY REFUSE TO HELP!

    IS THIS REDPINSIBLE OR ETHICAL AT ALL?

    WHAT KIND OF MIW-SCHOLARS WE HAVE FOR TOP PUBLIC SERVANTS who refuse to SERVE BUT WANT TO BE SERVED INSTEAD?

    can waste S$20m on north korea usa happy holiday in Singapore.

    can waste S$300m on youth games which is an utter waste of money.

    can have 5 mayors in a small island which is pure BS.

    can have so many S$m ministers for a nation of 3m local born. go figure the waste.

    the list of waste is very long. due to incompetence. worse, the priority in wasting is worse than wrong. it is upside down. when it is human lives of local born that matter, the stupid pap clown spends money on bricks and mortar which does not have a single breath.

    these useless clown pap and S$m gang like to make money so much why do they ruin themselves, and Singapore, by doing business as government?

    GD Star Rating
    loading...
  • Singapore Fooled Again N Again:

    If Singapore have just a central healthcare insurance system, then it would work wonder. We now have so many layers, so many schemes, so many insurance agencies creaming off billions from the market and the doctors charging higher and higher prices.

    That means all insurance premiums paid to central system managed by government with no profit motive.

    The government will then cover all Singaporeans in 3 levels:
    Level 1: Basic no frills care for the poor and the middle income
    Level 2: Premium level for middle income and the rich
    Level 3: Prestige level for the rich and ultra rich

    Then I believe insurance premiums will fall by easily 30% to 40% and with less complicated schemes we have now

    GD Star Rating
    loading...
  • NotMyProblem:

    @Mr. Leong, you forgotten someone did a heart operation for only $8, in first class hospital and first class ward.

    GD Star Rating
    loading...
  • HarderTruths:

    There is no profit or monetary benefit to keep $G locals healthy; their use is to work until they get sick and then pay their health care bill or else go without treatment.

    Since the government can replace any unproductive $G worker with any number of FT as a result of health issues (from the never-ending stress of work and debt), why should the government invest in health-care?

    This is a government that looks at you as a liability to be used and discarded. High costs for $G locals in health care translate to astronomical profits for no real investment by the government in this area.

    If you die then you cannot sue. Nether will your family – they need every cent or they can face the same fate.

    GD Star Rating
    loading...

Leave a Reply

 characters available

Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement


Most Recent Comments
  • Tremendous: Young nation or not, you’ll know that Singapore is heading quickly towards its twilight years if...
  • Tremendous: This is ridiculous. Apart from the vast difference in bonus amounts, members of a certain party expect to...
  • TUCK WAN: Maybe only MIW found a way money transfer thru western union for the departed aunties amd uncles. Will...
  • Rabble-rouser: Cleaners are an anachronistic relic of the past. I find it amusing that the PAP continually holding up...
  • Half Empty ParlIament!: Where are our Elected MPs? Bo Chap or Bo heel? How to vote for you again?
  • Where are our Elected MPs?: All enjoying their year end holidays? How to represent us in Parliament? How to vote for...
  • Bad Boy: Advice from Bad Boy . Just take note … 据中国央视网引用中国国家卫健委的最新统计,中国成人糖尿病的患 病率已经高达11.6%,患者人数超过1.14亿。 Real or...
  • Where are our Elected MPs?: Get them to attend Parliament Sitting please! More than 50% of the White MPs did not...
  • Attention!: Whoever can guarantee to return back our CPF in full & part of our medisave ( theyre deducting too...
  • Rabble-rouser: @ patriot: When a Western kid falls down, his dad will ask him to get up by himself & if he cries,...
  • Where are our Elected MPs?: Get the white MPs to attend Parliament Sitting please! Late L*Y would have should...
Announcements
Advertisement
Visitors Statistic
Latest Statistic
Advertisements