The role of health insurers in Singapore

• Main Authors: Ng, Bee Har, Sim, Li Ming, Tan, Boey Huang
• Other Authors: Erin Goh
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Finance::Insurance
• Online Access: http://hdl.handle.net/10356/63031
• Institution: Nanyang Technological University

Compared to other countries, Singapore has a relatively good health care system. Although the amount of health spending is only 3% of Gross Domestic Product, we still enjoy a high standard and affordance range of health services. However, Singapore's health care cost and demand for health services has been rising steadily for the past few years. It is no longer wise for Singaporeans to depend solely on either Medisave, Medishield or their own savings to pay for their health expenses. The objective of this project is to show that health insurance can also play a very useful role as a health financing tool. The existing health insurance plans available in the market cater to the varying needs of its consumers very well. Nonetheless, there is still room for improvement. The last part of the discussion is most important as recommendations are given on how the role of the health insurer can be expanded. Ways of improving the existing health insurance plans such as the use of rebates and cost-sharing features are suggested. The study also introduces more radical and interesting measures such as Managed Health care System, Long Term Care and promotion of healthy living.