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Medical Savings Accounts in Singapore: How much is adequate?

  • Ngee-Choon Chia

    ()

    (Department of Economics, National University of Singapore)

  • Albert K C Tsui

    (Department of Economics, National University of Singapore)

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.fas.nus.edu.sg/ecs/pub/wp-scape/0502.pdf
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Paper provided by National University of Singapore, Department of Economics, SCAPE in its series SCAPE Policy Research Working Paper Series with number 0502.

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Date of creation: Apr 2005
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Handle: RePEc:sca:scaewp:0502
Contact details of provider: Web page: http://www.fas.nus.edu.sg/ecs/scape/index.html

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  1. 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.
  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. 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, vol. 3(3), pages 188-195, September.
  4. 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.
  5. 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.
  6. 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.
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