Medical inflation rising, but prudent consumption, fee benchmarks can help check healthcare costs

MEDICAL costs in Singapore have been rising each year, and consumers are likely to feel the pinch as healthcare players and insurers deal with an increasing need for care and higher volumes of medical claims.

However, observers say that there are several ways to fight the rise in healthcare costs, which could help keep consumers’ overall medical expenses in check.

The average cost of medical care in Singapore is expected to rise by close to 10.7 per cent in 2024, up from a 10.3 per cent increase in 2023, data from advisory and solutions company WTW showed. The company, which polled more than 260 insurers in 66 countries, noted that Singapore’s figures are higher than the 9.9 per cent rise in costs projected for the Asia-Pacific for 2024.