Singapore Is The New Chile

[AlphaQuant]

rare to see Singapore popping up on Krugman's watch - all abt the reforms to medicare vs obamacare.

http://krugman.blogs.nytimes.com/2013/08...hile/?_r=0
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Remember the 2005 Social Security debate? George W. Bush had just been returned to office; his campaign was focused on national security and social issues — as I like to say, he ran as America’s defender against gay married terrorists — but as soon as the returns were in, he declared that he had a mandate to … privatize Social Security.

During the war of ideas that followed, conservatives repeatedly pointed to the example of Chile, with its privatized retirement scheme, as a shining role model for America to follow. Nonetheless, American voters, it turned out, really really didn’t like the idea of meddling with Social Security, and the Bush campaign fizzled away into slow debacle.

And then a funny thing happened: it turned out that the Chileans didn’t like their system either; it was massively reformed in 2008:

The cornerstone of the new law sets up a basic universal pension as a supplement to the individual accounts system.
In other words, Chile moved its system a substantial way towards being like, um, Social Security.

In the health reform debate, Singapore has played much the same role for conservatives that Chile played on Social Security — once again it was a small, far away country of which we know nothing, which supposedly had a wonderful health system based on free market principles. As Aaron Carroll has been pointing out, Singapore’s actual system is much less free-market, and involves much more government intervention, than legend has it. In any case, however, guess what: it turns out that Singapore isn’t happy with the system, and has just reformed it in a way that makes it much more like … Obamacare.

[yeokiwi]

In any case, however, guess what: it turns out that Singapore isn’t happy with the system, and has just reformed it in a way that makes it much more like … Obamacare.

We aren't really unhappy.
Essentially, the system is including those that have been falling out of the crack and typically, part of these falling-out-of-crack cases are covered by Medifund currently.
I do not see a major increase in healthcare cost when the healthcare system is based on co-pay and the resources are managed centrally.

Singapore system always works like that. The gov encourages private sectors to provide the service but the government always retains a significant control over the cost of the services.

Transport
Properties
Healthcare

The HDB seems to be going back to its basic after the mess-up by MBT.
Transport is going to take more time since infrastructures take years to build.

[pianist]

is it true that our mm lee said sg will be returned to my?

[opmi]

In any case, however, guess what: it turns out that Singapore isn’t happy with the system, and has just reformed it in a way that makes it much more like … Obamacare.

We aren't really unhappy.
Essentially, the system is including those that have been falling out of the crack and typically, part of these falling-out-of-crack cases are covered by Medifund currently.
I do not see a major increase in healthcare cost when the healthcare system is based on co-pay and the resources are managed centrally.

Singapore system always works like that. The gov encourages private sectors to provide the service but the government always retains a significant control over the cost of the services.

Transport
Properties
Healthcare

The HDB seems to be going back to its basic after the mess-up by MBT.
Transport is going to take more time since infrastructures take years to build.

HDB where got to go to basics. PAP govt just passed the responsibility to private sector thru EC And DBSS. PAP since Goh regime like to pass the buck. And acts like Singapore Inc. We are not worker bees in bee hive.

Public good cannot be run totally like a free enterprise.

[Greenrookie]

I for one is grateful for the medical changes to include ppl with Pre-conditions, although the devil is in the details, I have kinda worried about the bill my wife will be hit die to her diabetic conditions, she is just a mild type II and all insurance companies shun her like a plague, although she is young and have doctors' letters to confirm her conditions are mild are under control for years. So much cherry picking. Hope we can be better off although I wouldn't count on it too much, but any improvement is still improvement

[pianist]

yup the upcoming medishield life is something that is long overdue for a truly national healthcare insurance.

like to ask - does it mean that those with pre-existing conditions not covered by existing private shields and cpf medishield will be grandfathered into this new nationawide plan?

[AlphaQuant]

like to ask - does it mean that those with pre-existing conditions not covered by existing private shields and cpf medishield will be grandfathered into this new nationawide plan?

certainly looks that way - with the elderly+preconditions brought back into the plans+no more opting out.

The devil is in the details though - sounds like a decent rise in premiums if all preconditions are covered - looks like a 1y wait for the math to be worked out, and of course the decision of whether it is politically acceptable to the masses.

[egghead]

It is all about trade-off. Most times, the trade off is to maximize benefit for a majority. This one I'm not sure. It is like safe drivers having to pay more for motor insurance premium to cover unsafe drivers. Perhaps they can give no-claim bonus to people to encourage healthy living?

[specuvestor]

Singapore has always said no safety net. I for one am glad this paradigm has shiifted.

There is a big difference between subsidising for spectatcles and leukemia. I challenge any MPs or man on the street to get leukemia just to be subsidised. Rhetorics remain rhetorics with little practical use.

If we have universal coverage the difference in premium should be minimal as the insured size is huge and efficiency is greater. That is what the government can and should do. I consider basic medical like basic education, public goods that should be provided by government as capitalistic venture will fail on an aggregated basis.

Question is how to prvide the right structure and incentive for minimal waste and private sector participations. The devil is in the details but get the principle right is more important.

[Vseeker]

Singapore has always said no safety net. I for one am glad this paradigm has shiifted....

fully agreed... for many years , I had always felt that Spore gahmen can afford to do more, and should do more towards building a more compassionate society,
and not just pay lips service, such as lamenting over the ever widening income gaps....

I'm glad we're moving in the correct directions, and so long as big picture/principle are correct, I believe most of the "Better Off" will be supportive, even if the schemes do not benefit them directly or even it results in some extra costs to us.