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Mar 2024

Singapore: A need to address rising healthcare costs

Source: Asia Insurance Review | Jul 2016

Singaporeans feel they are underprepared for future care needs, according to a Swiss Re report on Care Solutions in Asia. Being unable to afford future care needs was the top concern among the locals. 
 
   This was revealed at The Good Life Co-operative’s inaugural conference which was conducted in collaboration with Swiss Re and the Life Insurance Association, Singapore. Themed, “Cost of a Sustainable Healthcare Ecosystem – Who Pays What”, the conference highlighted the need to address rising healthcare costs amongst policy makers, healthcare providers and insurers.
 
   Guest of Honour and Minister of State for Health, Mr Chee Hong Tat, stated in his opening address that Singapore would not be able to reverse its current demographic of an ageing population and a shrinking local workforce. “Our priority is to move beyond healthcare and into health promotion – to help people lead healthier, better lives,” he added. In the end, Mr Chee said that the cost of an expensive healthcare system will be borne by everyone within the system.
 
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