Rise in healthcare cost in Singapore expected to grow 9.8% in 2023: report
Inflation and healthcare drives expected rise in healthcare benefit cost.
As global inflation continues and healthcare use increases, healthcare cost increase in the Lion City is expected to increase 9.8% in 2023, WTW 2023 Global Medical Trends Survey showed.
“Widespread inflation and increasing healthcare use are combining to drive projected increases in global healthcare benefit cost to their highest level in nearly 15 years,” read the statement.
As nations continue to reopen their borders and loosen health restrictions, WTW sees that healthcare use and costs around the region will increase.
The survey conducted between July and September 2022 interviewed 257 leading insurers representing 55 markets.
Singapore’s medical tourism
As one of the first few Asian countries to reopen, Singapore’s medical tourism hub also recovered with a large influx of overseas patients seeking delayed elective treatment.
“The fast-ageing workforce coupled with heavier chronic disease burden remained key contributors to the rise in healthcare costs. Other contributing factors include overuse of care by insured members, as well as overtreatment or overprescribing by medical practitioners,” read the statement.
Although not expecting to benefit from short term results, organisations are more open to preventive care and wellbeing programmes.
Healthcare providers are also adopting strategic and long-term view to mitigate medical cost increases “with more employers requesting to integrate wellbeing as a core component of their healthcare benefit programmes.”