Is the Rise of Healthcare Cost Unsustainable?
Who Should Be Blamed For The Unsustainable Increase In Private Healthcare Cost? Earlier this week, the Life Insurance Association (LIA) of Singapore shared some worrying trends about the cost of private healthcare in Singapore. Here are some extracts to consider. The above chart, obtained from the Ministry Of Health (MOH), shows that the median bill size for private hospitals have been increasing at a rate of about 15% per annum over the past two years. This is in contrast to public hospitals, which have seen a reasonable increase of about 2-3%. Singapore long-term inflation rate is about 2-3% per annum. What this means is that while medical bills from public hospitals are in line with our inflation rate, the same cannot be said for bills from private hospitals. When we look at the average bill sizes incurred by the five insurers that provide integrated shield plans, we observe a similar trend. source