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Medisave Accounts in Singapore: Private Saving and Private Insurance Do What Employers and Governments Do in Other Countries
John Goodman's Health Policy Blog [Opinion] Sept. 5, 2013
"It's taken about almost three decades, but all of a sudden Singapore has come to the attention of a lot of other policy wonks ... In Singapore, people are required to save for health care, retirement income and other needs.... For individuals up to age 50, the required saving rate is 36% of income (nominally divided: 20% from the employee and 16% from the employer). Of this amount, 7 percentage points is for health care and is deposited in a separate Medisave account.... When a Medisave account balance reaches about US $34,100 (an amount equal to a little less than half of the median family income) any excess funds are rolled over into another account and may be used for non-health care purposes."
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