ABSTRACT
Singapore prides itself for its efficiency and spirit of self-reliance. Singapore spends less than 2 percent of its GDP on public healthcare expenditure. This is even less than the approximately 3 percent that Hong Kong spends. Yet Singapore’s health indicators are very good. Its life expectancy and infant mortality rates are generally superior to those of the United States, and are comparable to Hong Kong. The main reason for this is that the philosophy of relying on citizens’ own resources for healthcare promotes prevention. But Singapore also understands the need for risk pooling and so very much relies on the insurance principle to manage catastrophic financial risks.
