Healthcare costs can add up fast, and if you’re not prepared, it could drain your savings quicker than you think.
Luckily, MediSave is here to help.
As someone who’s spent years navigating Singapore’s financial systems, I’ve seen firsthand how important it is to manage your healthcare expenses wisely.
And trust me – MediSave is one of the best ways to do that.
In this post, you’ll learn:
- What MediSave is and how it works
- What healthcare expenses and insurance premiums you can use it for
- How contributions work and who’s eligible
- What happens when your MediSave exceeds the limit or in the event of death
Whether you’re planning for yourself or your family, understanding how to use MediSave can be the key to staying financially secure.
Curious to learn more?
Let’s dive in and make sure you’re making the most of your MediSave savings.
What is MediSave?
MediSave is a crucial part of Singapore’s CPF (Central Provident Fund) system, designed to help you save specifically for healthcare expenses.
Think of it as a dedicated pot of money that you contribute to over time, making sure that you’ve got funds set aside for medical needs – without having to dip into your personal savings when those expenses arise.
Healthcare costs can add up quickly, but with MediSave, you’ve got a system that ensures you’re always a step ahead in managing your medical expenses.
What can you use MediSave for?
Healthcare Expenses
MediSave is designed to help you manage a wide range of healthcare expenses.
Hospital stays & ongoing chronic treatments
Whether it’s for a short hospital stay or ongoing treatment for chronic conditions, MediSave ensures that you’ve got funds set aside for these costs, reducing the financial strain when healthcare bills start piling up.
For inpatient care, MediSave can be used to pay for your hospitalisation expenses, including daily ward charges, surgical procedures, and treatments during your hospital stay.
This means that when you’re admitted to the hospital, whether for surgery or other medical treatments, you won’t have to worry about depleting your personal savings to cover the cost of staying in a hospital bed.
Outpatient care
MediSave can also be used for outpatient care, which includes treatments for chronic conditions like diabetes or hypertension.
Under the Chronic Disease Management Programme (CDMP), you can tap into your MediSave account to cover the cost of doctor visits, diagnostic tests, and medications for approved conditions.
What’s useful here is that MediSave allows up to $500 (or $700 for more complex chronic conditions) to be withdrawn each year for outpatient treatments.
This ensures that even if you’re managing long-term health issues, you don’t have to worry about out-of-pocket expenses every time you need to visit your doctor.
Long-term care
Long-term care is another area where MediSave can come to your rescue.
Whether you or a loved one requires extended care due to severe disability or old age, MediSave has provisions in place.
You can use your savings for long-term care services like rehabilitation, palliative care, or home nursing care.
This ensures that, should you need ongoing support, your savings are available to cover these essential services without causing you undue financial stress.
Specific treatments and vaccinations
Finally, specific treatments such as renal dialysis, chemotherapy, and even specific vaccinations are covered under MediSave.
For instance, if you’re undergoing dialysis or cancer treatment, MediSave allows you to withdraw a fixed amount each month to cover the costs.
This helps keep specialised treatments affordable, ensuring that you’re not left grappling with medical bills while focusing on your health.
Premium Payments
MediSave isn’t just for hospital bills and doctor visits – it can also be used to pay for insurance premiums that cover a wide range of healthcare needs.
One of the primary uses is for MediShield Life, which is the basic health insurance plan all Singaporeans and permanent residents are enrolled in.
MediShield Life helps you pay for large hospital bills and expensive outpatient treatments, and the best part is that you can use your MediSave funds to cover the full cost of the premiums.
Beyond MediShield Life, you can also use MediSave for Integrated Shield Plans.
These plans offer a bit more flexibility, giving you the option to upgrade your hospitalisation coverage.
MediSave can be used to partially cover the premiums for these plans, up to a specific limit, so you get more comprehensive coverage without paying the entire premium out of pocket.
ElderShield and CareShield Life are another couple of important insurance schemes you can use MediSave for.
If you’re covered under ElderShield, you can pay the full premium using your MediSave.
For CareShield Life, which provides lifetime payouts, MediSave can also fully cover your premiums.
These plans provide crucial support in situations where you might not be able to work or need extra care, easing both the financial and emotional burden on you and your loved ones.
Preventive Care
By using your MediSave funds, you can take steps to stay healthy, rather than waiting until you’re sick to start worrying about medical costs.
Under the MediSave 500/700 scheme, you can tap into your savings for vaccinations, health screenings, and medical scans, helping you to keep on top of your health without having to pay out of pocket.
Vaccinations are one of the easiest ways to protect yourself from various illnesses, and MediSave covers several of them.
Whether it’s childhood vaccinations or those recommended for adults, like flu shots or pneumococcal vaccines, you can use up to $500 or $700 a year, depending on the complexity of your health needs.
This helps ensure that you and your family stay protected from preventable diseases, saving you the stress of medical bills further down the line.
Health screenings are another essential aspect of preventive care, and MediSave has you covered here too.
Regular screenings can catch issues early, whether it’s a mammogram to detect breast cancer or a colonoscopy for bowel health.
By making these screenings more affordable, MediSave encourages you to stay proactive about your health.
This can be particularly important for those over 50, as early detection of health issues often leads to better treatment outcomes.
Medical scans such as CT or MRI scans can also be paid for using MediSave.
By covering the cost of these essential scans, MediSave helps make sure that your health is regularly monitored, ensuring any potential issues are caught early.
Here are the approved vaccinations and health screenings that are MediSave claimable:
| Vaccinations | |
| Childhood Vaccinations (under the National Childhood Immunisation Schedule) | Hepatitis B |
| Human Papillomavirus (HPV) (for female
patients aged 9 to 26 years) |
|
| Pneumococcal (PCV) (for patients below
the age of 5 years old) |
|
| 5-in-1 combination vaccination covering
Diphtheria, Pertussis, Tetanus, Haemophilus Influenzae type b, Inactivated Poliomyelitis |
|
| 6-in-1 combination vaccination covering
Diphtheria, Pertussis, Tetanus, Haemophilus Influenzae type b, Inactivated Poliomyelitis and Hepatitis B vaccinations |
|
| Diphtheria, tetanus and acellular pertussis vaccine (Paediatric) (DTaP) | |
| Tetanus, reduced diphtheria and acellular pertussis vaccine (Tdap) | |
| Bacillus Calmette-Guerin (BCG) | |
| Measles, Mumps and Rubella (MMR) | |
| Oral Poliomyelitis vaccine (OPV) | |
| Inactivated Poliomyelitis vaccine (IPV) | |
| Haemophilus influenza type b (Hib) | |
| Influenza (for patients in recommended
risk groups) |
|
| Pneumococcal (PCV13/PPSV23) (for
patients in recommended risk groups) |
|
| Varicella | |
| Measles, mumps, rubella, varicella vaccine (MMRV) | |
| Tetanus, reduced diphtheria and acellular pertussis, Inactivated poliovirus vaccine (Tdap- IPV) | |
| Under the National Adult Immunisation
Schedule (for target populations) |
Hepatitis B |
| Human Papillomavirus (HPV) (for female
patients between the ages of 9 to 26) |
|
| Tetanus, reduced diphtheria and acellular
pertussis vaccine (Tdap) (for pregnant women only) |
|
| Measles, Mumps and Rubella (MMR) | |
| Influenza (for patients in recommended
risk groups) |
|
| Pneumococcal (PCV13/ PPSV23) (for
patients in recommended risk groups) |
|
| Varicella | |
| Approved Health Screening | |
| For female patients aged 50 and above | Mammogram |
| For newborns | 1. Hearing test
2. G6P deficiency screening 3. Metabolic screening 4. Thyroid function test |
Chronic disease management
If you experience any of the covered chronic conditions, you can also use MediSave to pay for treatments:
| Chronic Conditions | |||
| Metabolic conditions | Mental health conditions | Respiratory conditions | Other conditions |
| – Diabetes
– Hypertension – Lipid disorders – Stroke |
– Anxiety
– Bipolar disorder – Major depression – Schizophrenia |
Asthma
– Chronic obstructive pulmonary disease (COPD) |
– Parkinson’s Disease
– Osteoarthritis – Nephrosis/nephritis – Benign prostatic hyperplasia – Dementia – Epilepsy – Osteoporosis – Psoriasis – Rheumatoid arthritis – Ischaemic heart disease |
Baby-related Expenses
MediSave Grant for Newborns (MGN)
MediSave doesn’t just take care of your health needs – it’s also there to support you during some of life’s most exciting moments, like welcoming a new baby into your family.
One of the key benefits available is the MediSave Grant for Newborns (MGN), which helps you get a head start on saving for your child’s future healthcare needs.
When your baby is born, the government automatically credits a grant into their MediSave account.
Currently, the MediSave Grant for Newborns stands at $4,000.
This money is designed to help cover a range of baby-related medical expenses, from vaccinations and health screenings to outpatient treatments.
You can also use the grant for your baby’s hospitalisation costs or for premiums for MediShield Life, ensuring they have insurance coverage from the start.
MediSave Maternity Package
The MediSave Maternity Package is a valuable resource for expecting parents, helping to ease the financial burden of pregnancy and childbirth.
With MediSave, you can tap into your savings to cover a wide range of maternity-related expenses, from pre-delivery medical costs to hospitalisation and delivery charges.
For pre-delivery expenses, you can use up to $900 from your MediSave account to cover the costs of consultations, ultrasounds, tests, and medications.
These routine check-ups are essential to ensure both mother and baby are healthy, and having MediSave to cover these expenses means you don’t have to worry about out-of-pocket costs piling up before the baby even arrives.
When it comes to the actual delivery, MediSave can also be used to offset hospitalisation costs, with up to $550 per day for the first 2 days of your stay and $400 for each day after that.
For the delivery itself, MediSave covers up to $750 for a natural delivery, while a caesarean section is covered up to $2,150.
If it’s a complicated caesarean delivery, you can withdraw up to $2,600.
These amounts help make sure that no matter how your baby is born, you’ll have financial support during this critical time.
Paediatric Treatments
MediSave isn’t just for adults – it also covers a range of paediatric treatments to ensure your little one gets the best care from the start.
From routine vaccinations to treatments for childhood illnesses, MediSave can be used to manage medical expenses for your child, ensuring they receive the healthcare they need without adding unnecessary financial stress.
For starters, MediSave covers vaccinations under the National Childhood Immunisation Schedule (NCIS), which includes essential shots for diseases like Hepatitis B, Diphtheria, and Measles.
These vaccinations are crucial for protecting your child from preventable diseases, and using MediSave means you won’t need to worry about the cost of keeping up with their immunisation schedule.
You can withdraw up to $500 a year for these preventive healthcare expenses, which is particularly useful as vaccinations are often required at different stages of your child’s development.
In addition to vaccinations, MediSave can also be used for outpatient treatments, covering the cost of medical consultations, diagnostic tests, and medications for common childhood conditions.
Whether your child is dealing with something minor like an ear infection or something more serious that requires ongoing care, MediSave ensures that you have access to the funds needed to cover these medical costs.
For more significant treatments, such as hospitalisation or surgery, MediSave can be used to cover hospitalisation fees and surgical procedures for your child.
This is especially helpful in cases where longer-term treatment or multiple hospital visits are required, allowing you to manage these expenses without having to worry about dipping into your savings.
You can also use MediSave for your dependants
You can also tap into your MediSave savings to ease the healthcare costs for yourself and your approved dependents.
This means that not only are you securing your own healthcare needs, but you’re also helping to protect those closest to you from expensive medical bills.
Your approved dependants include:
- Parent*
- Grandparent^
- Spouse*
- Child*
- Sibling^
(* These dependants can be of any nationality, while ^ your grandparents and siblings must be either Singapore Citizens or Permanent Residents.)
MediSave can be used for various medical procedures and treatments for your dependents, ensuring that their healthcare needs are taken care of just like yours.
MediSave Withdrawal Limits
Here is a brief overview of what you can withdraw for different purposes that can be paid with MediSave:
Inpatient Care
| For | Includes | MediSave Withdrawal Limits |
| Hospitalisation | – Daily ward charges
– Daily treatment fees – Investigations – Medicine |
Up to $550 per day for the first 2 days, $400 per day thereafter
– Minimum 8 hour admission |
| Inpatient psychiatric treatment | Up to $550 per day for the first 2 days, $150 per day thereafter; up to a maximum of $5,000 per year | |
| Psychiatric treatment at IMH | $150 per day, up to $5,000 per annum | |
| Day surgery | – Daily ward charges
– Daily treatment fees – Investigations – Medicines |
Up to $300 per day |
| Surgery | Various surgical procedures | Between $250 and $7,550, depending on the complexity of the surgery |
| MediSave Maternity Package (MMP) | Hospital charges, including:
– Daily ward charges – Daily treatment fees – Investigations – Medicines |
Up to $550 per day for the first 2 days of hospitalisation, $400 per day thereafter |
| Delivery procedures | – $750 for a natural delivery
– $2,150 for a caesarean delivery – $2,600 for a complicated caesarean delivery |
Outpatient Care
| Types of Treatment | MediSave Withdrawal Limits |
| Flexi-MediSave (for elderly patients aged 60 and above) | Up to $300 a year per patient from MediSave of patient/patient’s spouse aged 60 and above |
| Outpatient scans and other diagnostics for cancer treatment | Up to $600 a year per patient |
| Outpatient scans for diagnosis or treatment of a medical condition | Up to $300 a year per patient |
| Assisted conception procedures | – 1st withdrawal – $6,000
– 2nd withdrawal – $5,000 – 3rd and subsequent withdrawals – $4,000
Subject to a lifetime limit of $15,000 per patient
Only the patient’s own or patient’s spouse’s MediSave may be used. |
| Renal dialysis treatment
– Haemodialysis received at any approved centre;
– Haemodialysis received at the patient’s home;
– Continuous ambulatory peritoneal dialysis received at the patient’s home;
– Automated Peritoneal Dialysis received at the patient’s home
– Intermittent Peritoneal Dialysis received in outpatient setting in approved medical institutions on or after 15 March 2021 |
$450 per month per patient from MediSave of patient
For patients aged 21 and below, the parents’ MediSave may be used. |
| External Radiotherapy (except Hemi-body Radiotherapy) | $80 per treatment |
| Hemi-body Radiotherapy | $80 per treatment |
| Brachytherapy with external radiotherapy | $360 per treatment |
| Brachytherapy without external radiotherapy | $360 per treatment |
| Stereotactic radiotherapy | $2,800 per treatment |
| Outpatient radiosurgery treatment
(namely Novalis radiosurgery treatment and Gamma Knife treatment for cancer patient |
$7,550 per treatment course and $300 per day for daily hospital charge |
| Chemotherapy
(includes analgesic medication and suppressive treatments such as neuroendocrine and nuclear medicine treatments) |
$1,200 per month per patient |
| Anti-retroviral drugs for treatment of HIV/ AIDS
(includes drugs used to treat opportunistic infections) |
$550 per month per patient from MediSave of patient
For patients aged 21 and below, the parents’ MediSave may be used |
| Desferrioxamine drug and blood transfusion for treatment of thalassaemia | $550 per month per patient |
| Hyperbaric oxygen therapy | $100 per treatment |
| Outpatient intravenous antibiotic treatment | $600 per weekly cycle, up to $2,400 a year |
| Rental of devices for long-term oxygen therapy and infant continuous positive airway pressure therapy | $150 per month per patient |
| Immuno-suppressant drugs for organ transplant | $300 per month per patient |
| Outpatient Bone Marrow Transplant | $2,800 per year per patient |
| Long-term Parenteral Nutrition | $200 per month per patient |
Long-term Care
| For | MediSave Withdrawal Limits | |
| Rehabilitative care | An inpatient at an approved community hospit | $250 per day, up to $5,000 per annum |
| An inpatient at an approved convalescent hospital | $50 per day, up to $3,000 per annum | |
| An outpatient at a day rehabilitation centre | $25 per day, up to $1,500 per annum | |
| An outpatient at an approved day hospital | $150 per day, up to $3,000 per annum | |
| Palliative care | Inpatient palliative care providers | $250 per day for general palliative and $350 per day for specialised palliative |
| Home palliative care/day hospice care | up to $2,500 per lifetime, per patient | |
| Terminal cancer or end-stage organ failure | No withdrawal limit if bill is paid using your own MediSave | |
| Disability care | MediSave Care:
Aged 30 and above and are assessed to be severely disabled |
Up to $200 per month
(A minimum of $5,000 will need to be set aside in MediSave.) |
Who contributes, and how can we contribute to MediSave?
MediSave contributions for salaried employees
For salaried employees, MediSave contributions are made automatically as part of your monthly CPF payments, which include contributions from both you and your employer.
The contribution is deducted directly from your salary, so you don’t have to worry about making payments manually.
This system ensures that every month, a portion of your wages is going into your CPF accounts, including your MediSave account, to cover future healthcare costs.
Your employer also contributes a portion to your CPF, which further boosts your MediSave account.
Together, these contributions help build up a solid fund that can be used for a variety of healthcare expenses, from hospital bills to insurance premiums, without the need for you to dip into your personal savings.
The contribution rates are based on your age and income
| CPF Contribution rates from 1 January 2023
(for monthly wages > $750 |
|||
| Employee’s age (years) | By employer
(% of wage |
By employee
(% of wage) |
Total
(% of wage) |
| 55 & below | 17 | 20 | 37 |
| Above 55 to 60 | 14.5 | 15 | 29.5 |
| Above 60 to 65 | 11 | 9.5 | 20.5 |
| Above 65 to 70 | 8.5 | 7 | 15.5 |
| Above 70 | 7.5 | 5 | 12.5 |
MediSave contributions for salaried employees are an integral part of the CPF system, ensuring that a portion of your salary is set aside specifically for healthcare expenses.
Your overall CPF contributions are divided across 3 accounts: the Ordinary Account (OA), Special Account (SA), and MediSave Account (MA).
| CPF Allocation Rates from 1 January 2023
Private Sector / Non-Pensionable Employees (Ministries, Statutory Bodies & Aided Schools) |
|||
| Employee’s Age (Years) | Ordinary Account
(% of CPF contribution) |
Special Account
(% of CPF contribution) |
MediSave Account
(% of CPF contribution) |
| 35 & below | 62% | 16% | 21% |
| Above 35 – 45 | 57% | 19% | 24% |
| Above 45 – 50 | 51% | 22% | 27% |
| Above 50 – 55 | 41% | 31% | 28% |
| Above 55 – 60 | 41% | 24% | 35% |
| Above 60 – 65 | 17% | 32% | 51% |
| Above 65 – 70 | 6% | 26% | 68% |
| Above 70 | 8% | 8% | 84% |
Numbers are rounded up. For exact figures, refer to CPF.
Each of these serves a different purpose, with the MediSave Account focusing on healthcare savings.
What about MediSave contributions for self-employed individuals?
If you’re self-employed, MediSave contributions work a little differently.
While contributions to other CPF accounts may be voluntary, contributing to MediSave is mandatory if your annual income exceeds a certain threshold.
You are responsible for making these payments yourself, typically through yearly contributions based on your declared income.
This helps ensure that even those who don’t receive a monthly salary, like freelancers or business owners, still have funds set aside for healthcare expenses when needed.
For self-employed individuals, contributions are calculated based on their net trade income (NTI) and make contributions to your MediSave under the Self-Employed Scheme.
You can use the Self-Employed MediSave Contribution Calculator to calculate how much you will need to contribute to your MediSave account.
If you are a SEP earning a net trade income* of more than $6,000, you are required to make annual contributions to your MediSave account.
*Net trade income = Gross trade income – (allowable business expenses + capital allowances + trade losses)
Who is eligible for MediSave?
MediSave is available to all Singaporean citizens and permanent residents, ensuring that they have dedicated healthcare savings.
As a Singapore citizen or permanent resident, you automatically participate in the MediSave scheme through your CPF contributions.
In addition to yourself, you can also use your MediSave funds for certain dependents, including your spouse, children, and parents.
How do I make claims under MediSave?
Making claims under MediSave is a straightforward process designed to help you easily access your healthcare savings when you need them.
If you’ve received treatment at a MediSave-accredited medical institution, such as public hospitals, private hospitals, polyclinics, or MediSave-accredited clinics, you can use your MediSave funds to cover the costs.
To make a claim, you’ll need to submit a Medical Claims Authorisation Form (MSAF) to the healthcare provider where you received the treatment.
This form authorises the withdrawal of funds from your MediSave account to pay for the eligible medical expenses.
Many hospitals and clinics will assist with this process and handle most of the paperwork for you, making it a hassle-free experience.
Is there a minimum and/or maximum amount I must have in my MediSave?
There are no minimum amounts you must have in your MediSave account, but there is a maximum.
Maximum Limit – Basic Healthcare Sum (BHS):
There is a cap on the amount you can have in your MediSave account, called the Basic Healthcare Sum (BHS).
As of 2024, this amount is set at $68,500 for individuals below the age of 65.
What happens when my MediSave exceeds the BHS?
When your MediSave account exceeds the Basic Healthcare Sum (BHS), any excess funds are automatically transferred into your Special Account (SA) or Retirement Account (RA), depending on your age.
If you’re under 55, the excess funds will go into your Special Account (SA), which is intended for retirement savings.
If you’ve already turned 55, the extra MediSave contributions will be redirected to your Retirement Account (RA), helping to further build up your retirement nest egg.
For those who have already reached the Full Retirement Sum (FRS) in their Retirement Account, any MediSave excess beyond the BHS will then be channelled into your Ordinary Account (OA).
Can I withdraw my MediSave?
No, you generally cannot withdraw funds from your MediSave account in cash.
The funds in your MediSave account are specifically set aside to cover healthcare expenses, and they can only be used for approved medical treatments, hospitalisation, or insurance premiums such as MediShield Life, Integrated Shield Plans, ElderShield, or CareShield Life.
However, there is one exception. Under the MediSave Care scheme, individuals who are severely disabled may withdraw up to $200 per month from their MediSave account to cover long-term care expenses.
To qualify, you must be assessed by a Ministry of Health-accredited disability assessor and meet specific criteria, such as being unable to perform at least 3 of the 6 Activities of Daily Living (ADLs) like eating, bathing, or dressing.
Outside of this exception, MediSave cannot be withdrawn as cash, and the funds remain strictly for healthcare purposes to ensure that you and your dependents are financially prepared for medical needs.
What is the interest rate for MediSave?
The interest rate for your MediSave account is 4% per annum, which is reviewed and set quarterly by the government.
Additionally, for the first $60,000 of your combined CPF balances (across your Ordinary Account, Special Account, and MediSave), you can earn an extra 1% interest.
This means that for the first $60,000, your MediSave funds could earn a total of 5% interest per annum.
What happens to my MediSave savings upon death?
Upon your death, any remaining balance in your MediSave account will be used to settle any outstanding medical bills, such as your final hospitalisation charges.
After this, any remaining MediSave savings will be distributed to your CPF nominees.
If you’ve made a CPF nomination, the funds, including those in your MediSave account, will be transferred to the beneficiaries you’ve specified.
In the absence of a nomination, your CPF savings, including MediSave, will be distributed according to Singapore’s intestacy laws (for non-Muslims) or under the Administration of Muslim Law Act (for Muslims).
Can my MediSave be used for my family’s expenses as well?
Yes, your MediSave can be used for your family’s expenses too.
You can tap into your MediSave savings to cover healthcare costs for approved dependents, including your spouse, children, parents, grandparents, and siblings.
However, it’s important to note that while your spouse, children, and parents can be of any nationality, your grandparents and siblings must be Singapore Citizens or Permanent Residents.
This flexibility allows you to use your MediSave to ease the financial burden of healthcare for your loved ones as well.
How long does it take for claims to be processed?
The time it takes for MediSave claims to be processed typically depends on the healthcare provider and the complexity of the claim.
In general, most MediSave claims are processed within 1 to 2 weeks.
However, some claims may take longer if additional documentation or approvals are required.
The healthcare provider usually assists with submitting the necessary paperwork, so the process is relatively straightforward.
Once approved, the MediSave funds will be used to cover the eligible expenses, and you’ll receive confirmation from your healthcare provider.
What happens to my MediSave savings if I don’t use them?
If you don’t use your MediSave savings, they will continue to grow with interest.
Your MediSave account earns an interest rate of 4% per annum, with an additional 1% interest on the first $60,000 of your combined CPF balances.
This means your unused MediSave funds will accumulate over time, helping you prepare for future healthcare costs.
If your MediSave exceeds the Basic Healthcare Sum (BHS), the excess will be transferred to your Special Account (SA) or Retirement Account (RA), supporting your retirement savings.
The funds will always be available for your healthcare needs when required.
What happens when the funds in a MediSave account are used up?
If the funds in your MediSave account are used up, you will need to cover any additional healthcare costs out of pocket.
Alternatively, you can use the MediSave accounts of your immediate family members – such as your spouse, parents, or children – to help pay for your medical expenses, as long as they approve the withdrawal.
In such cases, the remaining medical bills can also be paid through other means like insurance coverage (e.g., MediShield Life or Integrated Shield Plans) or personal savings, depending on the type of treatment and coverage available.
Conclusion
In a nutshell, MediSave is an essential part of managing healthcare costs in Singapore.
We’ve covered how it works, from what it can be used for – like insurance premiums, healthcare expenses, and preventive care – to who can benefit, including yourself and your approved dependents.
We’ve also gone over the ins and outs of contributions, withdrawal limits, and what happens to your MediSave balance when it exceeds the Basic Healthcare Sum or in the event of death.
Managing healthcare costs and understanding how MediSave fits into the picture can feel like a lot to take in.
But don’t worry – you don’t have to navigate it alone.
If you’re still feeling unsure or have questions specific to your situation, we’re here to help.
You can talk to one of our trusted financial advisor partners for free.
They’ll guide you through your options and make sure you’re making the best decisions for your healthcare and financial future.
Just reach out, and we’ll connect you to the right person!
