The Republic of Palau Healthcare Fund (HCF) completed its new office building today located in Ngerbeched, Koror across the main entrance of Koror Elementary school. President Tommy E. Remengesau, Jr. spoke at the ribbon-cutting ceremony, thanking so many who worked to get the HCF office built including the contractor, Koror State Government, consultants, Palau Public Land Authority, Social Security Administration, and Olbiil Era Kelulau.
“This building is only a reflection of the importance of the HCF Program. The HCF is the best-run national health insurance program in the Pacific. Many countries in our region have requested copies of our legislation (the National Health Financing Act of 2010) to adopt in their own jurisdictions.” President Remengesau said.
With initial capital of $50,000 in 2011, the HCF now provides health insurance for 94% of the population with 12,767 subscribers and 18,309 people insured. And since 2018 HCF provides NHI coverage for preventive care services both on island and outside of Palau.
In just 10 years the HCF has established health care partnerships with the Medical City, Adventist Medical Center, and St. Luke’s Medical Center in the Philippines and with Shin Kong Wu Ho Su Memorial Hospital, Wan Fang Hospital, Eda Hospital , and Taiwan Adventist Hospital in Taiwan.
“The main reason for the success of the HCF is the contributions of employees and employers of both public and private sectors that create a self sustaining financial mechanism that funds nationwide health insurance coverage. It took political will to pass this legislation, but we saw that in the long run this program will help people, especially those who cannot afford private health insurance. This building represents the significance of our decision to prioritize healthcare for everyone,” added President Remengesau.
The new HCF Building was constructed by WCC Construction, costing $419,000.00, and the second floor of the building will be utilized by the Palau Community Health Center. The new HCF Office will open its doors for operation on Monday November 16, 2020.
HCF opens new office
