Singapore's healthcare system is admired by both Republicans and Democrats. It's a marvel. The country is ranked sixth as per World Health Organization rankings. The United States come far behind in the 37th position.
Best healthcare country
Singapore spends the least amount of money on healthcare compared to developed nations but boasts one of the best healthcare systems compared to any country around the globe. It spends much less than the United States on healthcare but achieves remarkable outcomes. To give an example, the life expectancy of a Singaporean at birth is about three years more than Americans. The rate of infant mortality is one of the lowest around the globe.
The healthcare system in Singapore is a blend of private and public healthcare deliveries. Both public and private hospitals are present. Five tiers of care are present: A, B1, B2+, B2, and lastly C. A patient enjoying an A gets a private room and an exclusive bathroom complete with air-conditioning. The patient can also choose the doctor. The lowest category C enables the patient an open ward. He or she shares the space with multiple patients, up to eight max. The bathroom is shared and a doctor is assigned to the patient. The latter has no say on the choice of physician. Selecting A means the patient pays complete costs. If the patient chooses C, then the government pays a maximum of 80 percent of the total expenses.
Health savings accounts
Singapore is set apart from other countries by one factor: it is reliant on the health savings accounts. Workers in Singapore must put a noted portion of their total earnings into their future savings. Employees up to 55 years of age must put in about 20 percent of salaries into such accounts. This must be matched by an extra 17 percent of the wages provided by their employer. The percentages decline after an employee cross’ 55 years of age. This money is demarcated into three kinds of accounts. Ordinary Account for use in housing and disability insurance, along with death insurance as well. The other account is the Special Account, made especially for investment in the retirement linked financial products. The last one is a Medisave Account. It is to be utilized for approved medical insurance and healthcare expenses. Medisave contribution comes anywhere between eight percent and 10.5 percent of the total wages. The money earns interest as mandated by the Singapore Government.