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Medical Savings Accounts in Singapore: How Much is Adequate?Ngee-Choon ChiaNational University of Singapore Albert K.C. TsuiNational University of Singapore (NUS) - Department of Economics Journal of Health Economics, Forthcoming Abstract: While many studies have examined the cost-containment aspect of Medical savings accounts (MSA), few have investigated the adequacy of MSA to finance the health care expenditure. This paper estimates the present value of lifetime healthcare expenses (PVHE) of the Singaporean male and female elderly upon retirement at age 62. The estimation involves calibrating the stream of future healthcare expenditure; stochastic forecasting of cohort survival probabilities; and discounting the projected lifetime healthcare expenditure. Estimated values of the PVHE under various scenarios are used to assess the adequacy of the government-decreed minimum saving to be maintained in the MSA.
Number of Pages in PDF File: 38 Keywords: Medical savings accounts, present value of lifetime health care expense, cohort survival probabilities JEL Classification: G00, H51, I18, J11, J14 Accepted Paper SeriesDate posted: January 19, 2005Suggested CitationContact Information
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