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Medical Savings Accounts in Singapore : How much is adequate?

Author Info

Listed author(s):
  • Ngee-Choon Chia

    (SCAPE)

  • Albert K C Tsui

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://130.56.61.71/node/22567
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Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 22567.

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Date of creation: Jan 2005
Handle: RePEc:eab:financ:22567
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Web page: http://www.eaber.org

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Keywords: present value of lifetime health care expense; cohort survival probabilities;

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Find related papers by JEL classification:
  • G00 - Financial Economics - - General - - - General
  • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
  • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
  • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
  • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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  1. John C. Cox & Jonathan E. Ingersoll Jr. & Stephen A. Ross, 2005. "A Theory Of The Term Structure Of Interest Rates," World Scientific Book Chapters,in: Theory Of Valuation, chapter 5, pages 129-164 World Scientific Publishing Co. Pte. Ltd..
  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. Schieber, G.J., 1997. "Innovations in Health Care Financing. Proceedings of a World Bank COnference, March 10-11, 1997," World Bank - Discussion Papers 365, World Bank.
  5. W. von Eiff & T. Massoro & Y. O. Voo & R. Ziegenbein, 2002. "Medical savings accounts: a core feature of Singapore's health care system," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 3(3), pages 188-195, September.
  6. Marie-Eve Lachance & Olivia S. Mitchell & Kent Smetters, 2003. "Guaranteeing Defined Contribution Pensions: The Option to Buy Back a Defined Benefit Promise," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 70(1), pages 1-16.
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Cited by:

  1. Zhang, Hui & Yuen, Peter P., 2016. "Medical Savings Account balance and outpatient utilization: Evidence from Guangzhou, China," Social Science & Medicine, Elsevier, vol. 151(C), pages 1-10.
  2. Ngee-Choon Chia & Albert K C Tsui, 2005. "Reverse Mortgages as Retirement Financing Instrument: An Option for “Asset-rich and Cash-poor” Singaporeans," SCAPE Policy Research Working Paper Series 0503, National University of Singapore, Department of Economics, SCAPE.
  3. Ngee-Choon Chia & Albert K C Tsui, 2009. "Monetizing Housing Equity to Generate Retirement Incomes," Microeconomics Working Papers 22759, East Asian Bureau of Economic Research.
  4. Olivier J. Wouters & Jonathan Cylus & Wei Yang & Sarah Thomson & Martin McKee, 2016. "Medical savings accounts: assessing their impact on efficiency, equity, and financial protection in health care," LSE Research Online Documents on Economics 65448, London School of Economics and Political Science, LSE Library.
  5. Ngee-Choon Chia & Albert K C Tsui, 2005. "Reverse Mortgages as Retirement Financing Instrument : An Option for “Asset-rich and Cash-poor†Singaporeans," Finance Working Papers 22566, East Asian Bureau of Economic Research.

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