Health insurance to be expanded
Print Edition
China is to expand medical insurance to cover all critical illnesses by the end of the year, the State Council said yesterday.
In a statement, it said 50 percent of medical costs will be covered by insurance in a bid to “more effectively reduce the burden of medical expenses.”
Many of the country’s residents complain about the cost of medical treatment due to low levels of insurance cover and serious illnesses can bankrupt households under the current system.
The State Council said expanding health insurance was aimed at “effectively alleviating poverty caused by illness” and building a strong universal health care system.
Since 2009, China has spent 3 trillion yuan (US$480 billion) on health care reform.
Economists say improving health care is vital if China wishes to remake its economy and boost domestic consumption. They say a stronger safety net will encourage Chinese to save less and spend more.
China’s health care spending is set to hit US$1 trillion by 2020, up from US$357 billion in 2011, according to McKinsey & Co.
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