The Macroeconomic Impact of Healthcare Financing Alternatives; Reform Options for Hong Kong SAR
With much healthcare publicly funded, Hong Kong's rapidly aging population will significant raise fiscal pressure over coming decades. We ask what the implications are of meeting these costs by public funding, or private funding voluntarily or through mandates. Our simulations suggest that without early reform, these costs quickly become unsustainable. Prefunding is key. Whether this is done through the public system or through mandatory private provision is less important. Voluntary schemes are likely to result in insufficient savings without tax incentives. Even then, voluntary accounts are unlikely to yield better macroeconomic outcomes, while mandates tend to produce more equitable consumption.
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- Oecd, 2006. "Projecting OECD Health and Long-Term Care Expenditures: What Are the Main Drivers?," OECD Economics Department Working Papers 477, OECD Publishing.
- Peter S. Heller, 2007. "What Should Macroeconomists Know about Health Care Policy?," IMF Working Papers 07/13, International Monetary Fund.
- William C. Hsiao, 2000. "What Should Macroeconomists Know About Health Care Policy; A Primer," IMF Working Papers 00/136, International Monetary Fund.
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