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Singapore best prepared for future healthcare expenses

Published on Jan 9, 2013 11:59 AM
 
An elderly woman sits in the Pharmacy waiting area of Choa Chu Kang Polyclinic. Singaporeans are among the best prepared for future health expenses among five countries in Asia. A survey by Swiss Re, a Swiss based insurance provider, found that 74 per cent of working adults are prepared for post-retirement health expenditure. -- ST PHOTO: JOSEPH NAIR

Singaporeans are among the best prepared for future health expenses among five countries in Asia.

A survey by Swiss Re, a Swiss based insurance provider, found that 74 per cent of working adults are prepared for post-retirement health expenditure.

This is higher than Hong Kong (60 per cent), China (50 per cent) and Japan (34 per cent), and South Koreans who were the least prepared with only 31 per cent saying they were prepared for post-retirement health needs.

Singapore also has the least to worry about when it comes to the future health gap - the difference between the cost to meet consumers' health needs and the money available. Swiss Re estimates a health gap of US$600 million ($737 million) for Singapore by 2020, compared to US$73 billion for China, US$43.6 billion for India and US$28.7 billion for Japan.