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Medical savings accounts in Singapore: how much is adequate?

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  • Chia, Ngee-Choon
  • Tsui, Albert K.C.

Abstract

While many studies have examined the cost-containment aspect of Medical savings accounts (MSA), few have investigated the adequacy of MSA to finance the health care expenditure. This paper estimates the present value of lifetime healthcare expenses (PVHE) of the Singaporean male and female elderly upon retirement at age 62. The estimation involves calibrating the stream of future healthcare expenditure; stochastic forecasting of cohort survival probabilities; and discounting the projected lifetime healthcare expenditure. Estimated values of the PVHE under various scenarios are used to assess the adequacy of the government-decreed minimum saving to be maintained in the MSA.

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File URL: http://www.sciencedirect.com/science/article/B6V8K-4FKYDMF-2/2/107730c28b8cf75732138bd84741b8fc
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Health Economics.

Volume (Year): 24 (2005)
Issue (Month): 5 (September)
Pages: 855-875

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Handle: RePEc:eee:jhecon:v:24:y:2005:i:5:p:855-875

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Web page: http://www.elsevier.com/locate/inca/505560

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  1. Cox, John C & Ingersoll, Jonathan E, Jr & Ross, Stephen A, 1985. "A Theory of the Term Structure of Interest Rates," Econometrica, Econometric Society, vol. 53(2), pages 385-407, March.
  2. Chia, Ngee Choon & Tsui, Albert K. C., 2003. "Life annuities of compulsory savings and income adequacy of the elderly in Singapore," Journal of Pension Economics and Finance, Cambridge University Press, vol. 2(01), pages 41-65, March.
  3. Satoshi Nakanishi & Noriyoshi Nakayama, 2001. "The Effects of Demographic Change on Health and Medical Expenditures: A Simulation Analysis," NBER Chapters, in: Aging Issues in the United States and Japan, pages 223-248 National Bureau of Economic Research, Inc.
  4. Marie-Eve Lachance & Olivia S. Mitchell, 2002. "Guaranteeing Defined Contribution Pensions: The Option to Buy-Back a Defined Benefit Promise," NBER Working Papers 8731, National Bureau of Economic Research, Inc.
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Cited by:
  1. Ngee-Choon Chia & Albert K C Tsui, 2009. "Monetizing Housing Equity to Generate Retirement Incomes," SCAPE Policy Research Working Paper Series 0901, National University of Singapore, Department of Economics, SCAPE.

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