According to Mercer Marsh Benefits’ 2019 Medical Trends Around the World Report, Singapore’s medical cost inflation was 10% in 2018, 10 times its economic inflation rate. This is a very daunting prospect and if left unchecked, could put medical care out of the reach of the masses very soon. To stem rising medical costs, the Singapore government has undertaken various measures such as compulsory co-payment as well as national fee standards for procedure fees. For the individual, it is even more critical to take proactive steps today to guard against medical inflation. Here are some tips to combat rising medical costs in Singapore.
Tip 1: Purchase An Integrated Shield Plan
All Singapore Citizens and Permanent Residents are eligible for MediShield Life- a basic health insurance plan administered by the Central Provident Fund (CPF) which helps to pay for large hospital bills and selected costly outpatient treatments. It is...