Health insurance in Singapore

• Main Author: Chua, Bee Tin
• Other Authors: Ng Jessica
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/64342
• Institution: Nanyang Technological University

This report mainly focuses on the public sector health insurance schemes offered jointly by Ministry of Health (MOH) and Central Provident Fund (CPF) Board, and the private sector health insurance policies offered by insurance companies. The public sector health insurance schemes include Medisave, MediShield and Medifund which is to be implemented in the near future. The private sector health insurance policies refer to the health insurance policies offered by the insurance companies such as American International Assurance Company (AlA) and Great Eastern Assurance Company. Med i save scheme was implemented by the government in 1 984 with an objective to help Singaporeans to meet their hospitalisation expenses. Subsequently, the MediShield scheme was introduced in 1990 as a supplement to Medisave scheme for patients who require prolonged medical treatment such as for catastrophic illnesses . Besides these schemes, insurance companies also offer health insurance policies as an additional coverage for patients who incur extensive hospital bills. As medical costs keeps rising, people are now more conscious about health insurance. They are more willing to take up health insurance policies now. Insurance companies have come up with various health insurance plans that seek to cover a wide range of common illnesses, to encourage people to buy such policies in view of the rising costs of medical cost. On the other hand, the government has been promoting healthy lifestyles for its people as a preventive measure against illnesses. This report is accomplished mainly from the literature review, insurance pamphlets and booklets from CPF Board and insurance companies, and interviews conducted with a lecturer of School of Accountancy and Business and insurance personnel.