Check out this article in Forbes about Singapore’s Healthcare System. Here are some highlights:
- Pricing is extremely transparent.
- Singapore spends 4.9% of its gross domestic product on healthcare. The European Union and Canada spend double. The United States spends more than triple at 17%.
- Singapore is the most cost-efficient healthcare system in the world.
- Singapore has minimized the role of health insurance. Instead of mandatory health insurance plans, Singapore has established mandatory health savings accounts called Medisave. Depending on age, individuals contribute 8-10.5% of wages into their Medisave accounts until the money pot is considered full. At that time, the savings spill into other pots to help save for other goals like retirement or housing. The Medisave money can only be used for health expenses, but it is tax free, interest bearing and inheritable.
- What about those who do not earn enough to save large sums of money for even the most basic healthcare expenses? The government created a comprehensive safety net using an endowment fund called Medifund.
There are OTHER countries that are doing healthcare right and who do not have a national or socialized system. When the ignorant think we can copy Norway or England or whatever then counter with Singapore. It actually works better.Tweet