Charlie Munger Calls U.S. Health Care A ‘Disgrace’ And Says Singapore Does It Better At 20% of Cost — U.S. Power Players ‘Fight Like Tigers’ For Money

The U.S. spends more on health care than any country, yet outcomes don’t reflect the price. The late Charlie Munger kept coming back to that disconnect.

“The cost of American medical care and medical insurance is a disgrace,” Munger said at the Daily Journal annual meeting in 2023. “If you go to Singapore, you’ll find that they do the whole thing better than we do and it costs 20% of what we pay,” he said.

He pointed to what he saw as the real barrier to change. “And, by the way, I have no idea how to get from where we are to where Singapore is because all the people that are getting all of that extra money fight like fierce tigers to hold onto it,” Munger said. “They control boards and cities and states, so I don’t know how to fix the costs in American healthcare. They are totally out of control.”

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That comparison had been on his mind well before that meeting.

At the Daily Journal annual meeting in 2021, Munger broke down why Singapore stood apart. “When I look at modern Singapore health system, it costs 20% of what the American system costs, and of course, it works way better than our medical system,” he said.

He explained what drives that difference. “In Singapore, you get a savings account the day you’re born,” Munger said. “If you don’t spend the money, you and your heirs get to spend it eventually. In other words, it is your money.”

He tied that structure directly to behavior. “So that, to some extent, everybody buying medical service in Singapore is paying for it himself,” he said.

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Munger’s critique centered on incentives, not confusion.

In his view, the system keeps costs high because too many players benefit from the current setup. Insurers, providers, and administrative layers all draw from the same pool of spending, and none of them have much reason to shrink it.

That’s where his “fight like fierce tigers” line fits. He was describing how aggressively those interests protect the flow of money. With influence across boards, cities, and states, those groups aren’t just part of the system. They help shape the rules around it.

That dynamic, he said, is what keeps costs from coming down.

Singapore approaches health care with a different foundation.

Through its MediSave program, tied to the Central Provident Fund, citizens build mandatory medical savings accounts over time. The money belongs to the individual, earns interest, and rolls over if unused.

That ownership is the key distinction. If the funds aren’t spent, they remain available later in life or can be passed on to heirs.

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The system also includes backup support, including insurance for major expenses and targeted government assistance. Pricing is more tightly managed, which helps keep costs contained.

But the core idea is simple. People are spending their own money, which changes how they approach care.

The gap Munger pointed to hasn’t closed.

Recent data shows U.S. health care spending at roughly $13,000 to $15,000 per person each year. Singapore remains far lower, around $4,000 to $6,000 per person, while maintaining strong outcomes like high life expectancy.

As a share of the economy, the U.S. still spends close to three times as much as Singapore.

Munger’s argument stayed consistent. Lower-cost systems exist and perform well. The challenge isn’t finding an example. It’s changing a system where, as he said, powerful interests are still fighting to keep things exactly as they are.

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This article Charlie Munger Calls U.S. Health Care A ‘Disgrace’ And Says Singapore Does It Better At 20% of Cost — U.S. Power Players ‘Fight Like Tigers’ For Money originally appeared on Benzinga.com

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