Healthcare in Singapore

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NANYANG TECHNOLOGICAL UNIVERSITY SCHOOL OF HUMANITIES AND SOCIAL SCIENCES [pic] Healthcare in Singapore Submitted by: Soh Mei Hui Rachel (U0930888A) Tan Li Xuan Felicia (U0931051D) Yeo Yan Stephanie (U0930213G) Supervisor: Assistant Professor Giovanni Ko Academic Year: 2012/2013 TABLE OF CONTENTS TABLE OF CONTENTS i 1. INTRODUCTION 1 2. PHILOSOPHY & ROLE OF GOVERNMENT 1 3. FINANCING SYSTEM 3 3.1 MEDISAVE 3 3.2 MEDISHIELD 4 3.3 MEDIFUND 4 3.4 ELDERSHIELD 5 4. BENEFITS OF SINGAPORE’S HEALTHCARE POLICIES 6 4.1 SUBSIDIES TO THE POOR 6 4.2 ADVERSE SELECTION 8 4.3 MORAL HAZARD 9 5. LIMITATIONS OF HEALTHCARE POLICIES 11 6. EVALUATION 13 7. CONCLUSION 15 8. BIBLIOGRAPHY 16 9. APPENDICES 21 10. TABLES 31 INTRODUCTION Singapore is one of the wealthiest countries with highest per capita GDP compared to other Asia Pacific regions with continuous strong economic growth, relatively low inflation as well as unemployment rates. What is equally impressive is that Singapore has been recognized as a world leader in the healthcare system too. According to an analysis by global consulting firm Watson Wyatt, Singapore has “one of the most successful healthcare systems in the world, in terms of both efficiency in financing and the results achieved in community health outcomes”. In this paper, we will investigate the various aspects of Singapore’s healthcare financing system, discuss related issues, evaluate and compare our achievement to that of other developed economies. PHILOSOPHY & ROLE OF GOVERNMENT The philosophy behind Singapore’s healthcare financing is to provide affordable healthcare with cost controls through emphasis on individual responsibility. Individuals bear the primary burden of their own health expenses, but with support from the
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