The Financial Coconut Podcast MediShield Life + Medisave vs Single-payer Healthcare. What is the care plan for Singapore? [TFC #GE2025 02 ft Alex Lee & Tan Ern Ser]
Apr 28, 2025
In this insightful discussion, Alex Lee, a former insurance CFO turned actuarial consultant, and Tan Ern Ser, a sociologist and policy scholar from the Institute of Policy Studies, tackle pressing issues in Singapore's healthcare. They debate whether a single-payer system could secure a sustainable future or exacerbate current challenges. The conversation delves into rising healthcare costs, the profit dynamics of insurance companies, and the balance between individual responsibility and community support in a time of crisis.
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False Affordability in Healthcare
- Rising healthcare costs create a false sense of affordability for private insurance buyers.
- Lack of full disclosure on escalating premiums leads many to unexpected financial strain.
Profit Margins Fuel Cost Inflation
- Insurance companies have low profit margins around 2%, making them almost social service providers.
- Hospitals and pharmaceutical companies enjoy higher profit margins, contributing to overall healthcare cost inflation.
Incremental PAP Healthcare Approach
- PAP's healthcare plan focuses mostly on capacity increase and preventive care without structural changes.
- Providing realistic cost expectations through tools like insurance planners is more impactful.