The Centre and state governments are experimenting with several new and exciting ideas in healthcare reforms. What is missing, however, is a serious reform agenda for health financing. The last big reform was expanding the coverage of the Rashtriya Swasthya Bima Yojana (RSBY) from Rs.30,000 to Rs.1 lakh, reinforcing insurance as the long-term strategy for health financing. India must also be open to experimentation with newer products of healthcare financing. Medical savings accounts (MSAs) is one such product. Singapore adopted MSAs in 1984, and presents a success story. Its healthcare outcomes are comparable to most developed countries, while its spending is significantly lower. In healthcare, it is important to recognize that, even if one gets the financing model right, the sector remains labour-intensive with lower productivity growth. This means that when other sectors experience higher productivity growth, they can offer more competitive prices for land and human capital, which can be offset by productivity gains. In healthcare, there are no offsetting productivity gains. As a result, either the price of healthcare delivery goes up or quality falls. This is a long-term problem which the private sector and the government will have to grapple with perennially.