Medical Savings Accounts in Singapore: How much is adequate?

Ngee-Choon Chia () and Albert K C Tsui
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Ngee-Choon Chia: Department of Economics, National University of Singapore
Albert K C Tsui: Department of Economics, National University of Singapore

SCAPE Policy Research Working Paper Series from National University of Singapore, Department of Economics, SCAPE

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.

Keywords: medical savings accounts; present value of lifetime health care expense; cohort survival probabilities (search for similar items in EconPapers)
JEL-codes: G00 H51 I18 J11 J14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hea and nep-sea
Date: 2005-04
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