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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Healthcare costs not a problem during recession with S$42b in reserves Channel NewsAsia - Sunday, November 23 SINGAPORE: Health Minister Khaw Boon Wan said healthcare costs will not be a problem during this recession. Speaking at the NHC Time Capsule event on Saturday, he said most Singaporeans have sufficient savings in their Medisave accounts, and hospitals will be more generous with Medifund applications during these hard times. The total reserves for healthcare stands at S$42 billion, 14 times the annual health expenditure. S$40 billion is parked in citizens’ Medisave and it’s growing at S$2 billion a year with contributions from workers. Mr Khaw said: "I know Singaporeans worry about healthcare costs and are bound to worry even more during economic downturns, but the reality is that most Singaporeans have sufficient savings in their Medisave. “But do remember that these are your hard—earned savings for your long term healthcare needs especially in old age, so please don’t waste it. And that’s why I always have to be the bad guy to set prudent Medisave withdrawal limits and have to say "no" to requests to allow Medisave to be used for non—essential needs or frills." For the small number who don’t have savings in their Medisave, hospitals have been told to err on the generous side in disbursing Medifund, a government healthcare fund for the poor during this recession. With the economic downturn, the Health Ministry plans to take advantage of falling prices to accelerate investments. The Jurong General Hospital project will be brought forward and investments will also be made in the long term care sector in areas such as palliative care. Those retrenched may want to consider career conversion to nursing and more training courses will be made available for that move. The Ministry is also looking for a site in eastern Singapore to build a second hospital there besides the current Changi General Hospital. This will happen around 2020, when the baby boomers who will be in their seventies then, would require more medical care. — CNA/vm Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore Analogue cameras prove to be a hit among young S’poreansChannel NewsAsia - 1 hour 16 minutes ago Car showrooms see crowds, while dealers wary of possible cut in COE supplyChannel NewsAsia - 2 hours 18 minutes ago American Chamber of Commerce organises volunteer event in S’poreChannel NewsAsia - 2 hours 39 minutes ago Two new infocomm learning centres for seniors openedChannel NewsAsia - 2 hours 42 minutes ago Reactions range from "timely" to "cautious" to slew of govt’s help measuresChannel NewsAsia - Sunday, November 23 Enlarge Photo Healthcare costs not a problem during recession with S$42b in reserves Most Popular – Singapore Viewed New strain of deadly Ebola virus discovered Wall Street plunges again as panic spreads Aussie mayor wins sexist 'award' for inviting ugly women to town Somali pirates demand 25 million dollars for Saudi oil tanker Oil prices slump under $50 per barrel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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