| Summary: | This report mainly focuses on the public sector health
insurance schemes offered jointly by Ministry of Health (MOH)
and Central Provident Fund (CPF) Board, and the private
sector health insurance policies offered by insurance
companies. The public sector health insurance schemes include
Medisave, MediShield and Medifund which is to be implemented
in the near future. The private sector health insurance
policies refer to the health insurance policies offered by
the insurance companies such as American International
Assurance Company (AlA) and Great Eastern Assurance Company.
Med i save scheme was implemented by the government in 1 984
with an objective to help Singaporeans to meet their
hospitalisation expenses. Subsequently, the MediShield scheme
was introduced in 1990 as a supplement to Medisave scheme for
patients who require prolonged medical treatment such as for
catastrophic illnesses . Besides these schemes, insurance
companies also offer health insurance policies as an
additional coverage for patients who incur extensive hospital
bills.
As medical costs keeps rising, people are now more conscious
about health insurance. They are more willing to take up
health insurance policies now.
Insurance companies have come up with various health
insurance plans that seek to cover a wide range of common
illnesses, to encourage people to buy such policies in view of the rising costs of medical cost. On the other hand, the
government has been promoting healthy lifestyles for its
people as a preventive measure against illnesses.
This report is accomplished mainly from the literature
review, insurance pamphlets and booklets from CPF Board and
insurance companies, and interviews conducted with a lecturer
of School of Accountancy and Business and insurance personnel.
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