Medical savings accounts in Singapore: how much is adequate?

Chia, Ngee-Choon; Tsui, Albert K.

doi:10.1016/j.jhealeco.2005.01.005

Cited by 15 publications

(12 citation statements)

References 17 publications

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“…Twenty percent of older males and 33% of older females do not have retirement accounts or pension schemes (Phua 2001), and 50.9% of elderly above 65 have less than $5,000 in their CPF accounts (Teo et al 2006). Further, personal savings accounts that would count towards medical expenses are insufficient for more than half the Singaporeans who will retire at age 62 (Chia and Tsui 2005). Government Public Assistance (PA) has a stringent means test and only the very poorest people are eligible.…”

mentioning

confidence: 99%

Living Alone: Elderly Chinese Singaporeans

Wong

Verbrugge

2008

J Cross Cult Gerontol

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Asian societies maintain the norm that older people should live with their children. Yet some older people live alone. This is the first study to explore social isolation, strategies of coping, and preferences about living arrangements among Chinese Singaporeans aged 65+ who live alone. Data from 19 semi-structured interviews were analyzed. The elderly people who live alone either have no other alternative, or they choose it despite opportunities to live with others. Regardless of the initial reason, solo-dwellers in Singapore succeed at living alone by developing behavioral and psychological strategies that help overcome social isolation. Their main link to the "outside" world is access to medical and social services. Despite some hardships, many prefer living alone because it has become familiar and personally comfortable.

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mentioning

confidence: 99%

Living Alone: Elderly Chinese Singaporeans

Wong

Verbrugge

2008

J Cross Cult Gerontol

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“…If MSAs are to be adopted, it will also be important to foster an economic and regulatory environment that is conducive to market-oriented plans. Prerequisites for the viability and sustainability of MSAs include a high income per capita, a national culture of saving and personal responsibility for health, and a well-functioning and transparent regulatory environment, both in the health sector and in the financial services sector (Nichols et al , 1997; Chia and Tsui, 2005).…”

Section: Discussionmentioning

confidence: 99%

Medical savings accounts: assessing their impact on efficiency, equity and financial protection in health care

Wouters

Cylus

Yang

et al. 2016

HEPL

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Medical savings accounts (MSAs) allow enrolees to withdraw money from earmarked funds to pay for health care. The accounts are usually accompanied by out-of-pocket payments and a high-deductible insurance plan. This article reviews the association of MSAs with efficiency, equity, and financial protection. We draw on evidence from four countries where MSAs play a significant role in the financing of health care: China, Singapore, South Africa, and the United States of America. The available evidence suggests that MSA schemes have generally been inefficient and inequitable and have not provided adequate financial protection. The impact of these schemes on long-term health-care costs is unclear. Policymakers and others proposing the expansion of MSAs should make explicit what they seek to achieve given the shortcomings of the accounts.2

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“…Major reforms of health care financing were implemented with the introduction of the National Health Plan in 1983, the Compulsory Savings Scheme (Medisave) in 1984, Catastrophic Illness Insurance (MediShield) in 1990, and a means-tested Medical Endowment Fund (Medifund) in 1993, to protect those unable to pay their medical expenses. The Central Provident Fund Act 1953 is the legislative basis for the Medisave, MediShield, and Medifund, or the so-called '3Ms' of the Singaporean integrated system of compulsory saving accounts (Chia and Tsui 2005). Currently, contributions to the Central Provident Fund amount to 36 per cent of gross salary, shared between the employee and the employer (6-8 per cent is contributed to the Medisave accounts).…”

Section: Singaporementioning

confidence: 99%

“…The authors conclude that minor changes to the existing system will not be sufficient to meet health care financing objectives. Chia and Tsui (2005) studied the adequacy of medical savings accounts in Singapore in covering lifetime health care expenditure of retirees aged 62 and above, categorised by gender and income group. They found that the required minimum balance of S$25,000 is adequate for less well-off members under a range of assumptions about medical technology growth and future interest rates.…”

Section: Singaporementioning

confidence: 99%

Financing Health Insurance in Asia Pacific Countries

Sidorenko

Butler

2007

Asian-Pac Economic Lit

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The paper discusses models of health insurance, including compulsory (social) health insurance, voluntary insurance, and community-based financing schemes. It illustrates the features of these models in terms of coverage, funding, sustainability, payment mechanisms, public-private mix, risk protection, and cost-containment properties, and outlines some emerging challenges to health financing arrangements. Health financing systems used in Japan, Korea, Taiwan, ASEAN and China are discussed, and implications are drawn for the developing countries in the Asia Pacific contemplating health insurance reform. Copyright © 2007 The Authors Journal compilation © 2007 Crawford School of Economics and Government, The Australian National University and Blackwell Publishing Asia Pty Ltd. .

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Medical savings accounts in Singapore: how much is adequate?

Cited by 15 publications

References 17 publications

Living Alone: Elderly Chinese Singaporeans

Living Alone: Elderly Chinese Singaporeans

Medical savings accounts: assessing their impact on efficiency, equity and financial protection in health care

Financing Health Insurance in Asia Pacific Countries

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