The national healthcare system in Singapore is incredibly distinctive, and that’s not just because both sides of the aisle in America appreciate everything that it brings to the table.
Widely lauded as one of the best healthcare systems anywhere in the planet (and ranked as THE best healthcare system by numerous industry studies), Singapore spends far less of its economy on healthcare each and every single year then literally any other country in the top 50 – all while enjoying a life expectancy that’s two years longer than in the UK or the United States, a morality rate amongst infants that’s lowest in the world (about half that of the US and the UK), and taking advantage of the most cutting-edge healthcare technology and systems available today.
Interestingly enough, Singapore has in incredibly privatized health system that’s even more privatized than in the United States. In Singapore, about two thirds of all healthcare spending happens in the private sector, with about one third happening in the public sector. This is almost the complete opposite of the United States.
In Singapore, there is a very healthy mix of both public and private healthcare delivery services. Private and public hospitals exist, with numerous classes and tiers of care in each, and depending upon the tier of healthcare that you choose to take advantage of you might end up in your own private room with a private doctor that you select or you may share a doctor with seven or eight other patients (as well as a bathroom with those same patients) and a doctor will be provided for you.
By choosing the former tier of service, you’ll end up paying for almost all of your healthcare – choosing the latter tier of service will have Singapore footing 80% or more of the bill for you.
Singapore also has a system that is very dependent upon the concept of Health Savings Accounts. All employees in Singapore are mandated to put a significant portion of their earnings directly into savings for their future, with workers up to the age of 55 mandated to put 20% of all their wages into these mandatory savings accounts with a 17% match from their employer.
All of that money goes to the Health Savings Account, either. The Ordinary Account is made to be used for housing, insurance, and investments or education. The Special Account is designed for retirement spending. Then you have the MediSave Account to be used for healthcare expenses and insurance.
At the end of the day, this system has the people of Singapore set up to meet some of life’s biggest challenges after they leave the workforce in a much better place than almost anyone else around the world. The US (and, frankly, the rest of the world) could learn a lot about how to improve their broken health care system by paying closer attention to everything that’s happening in Singapore.
This is a nation that is knocking healthcare right out of the park, that’s for sure!
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Two major healthy living initiatives are expanded to improve life in Singapore, Build a safe and healthy workplaceand Pretty Happy at Work: Healthy Ways to Love What You Do and all topics related to Singapore, Company Incorporation and Business registration Singapore.
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