CPF Medisave question

[annexa]

Last week I busy drive the taxi. Over kopi, my kaki tell me something that make me feel like get strike by lightning.

He is say that the CPF Medisave is cannot take out one. You migrate also cannot take out, you die also cannot take out. Die die is become gahmen money. You can pass to your chewren, friend, whatever but it cannot become take out cash, forever. Like this is mean that the sinkie medisave fund will keep rollover and become more and more with each generation. Because cannot take out. Like this is also mean, you see knn so much money inside cannot take out, will use on all kinds of fuck medicine that can use or don't mind pay higher medical care bill.

I want to hear from forummers here, is this cannot take out rule true or fake? I go see the CPF FAQ, all knn cannot find one.

 

[silverfox@]

tomorrow morning, call CPF board 1st. Don't call your kaki 1st.

 

[Khun Ying Pojaman]

There is a Medisave Minimum Sum (MMS), at present 18,500 SGD if I'm not wrong. So if you're 55 and above, any amount in excess of the MMS can be withdrawn, together with your balance in your Ordinary Account and Special Account.

 

[LeMans2011]

There is a Medisave Minimum Sum (MMS), at present 18,500 SGD if I'm not wrong. So if you're 55 and above, any amount in excess of the MMS can be withdrawn, together with your balance in your Ordinary Account and Special Account.

Minimum sum is $34500 presently. They increase this minimum sum every year since the healthcare costs keep going up. There you go... increased healthcare costs ==> you need to pay more ==> you are forced to keep more in an account you can never benefit other than falling sick ==> spiraling effect

Do not confuse this with the medisave cap in your account for those still working, this cap also increases every year and it is a higher amount.

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-4.htm

 

[Khun Ying Pojaman]

Minimum sum is $34500 presently. They increase this minimum sum every year since the healthcare costs keep going up. There you go... increased healthcare costs ==> you need to pay more ==> you are forced to keep more in an account you can never benefit other than falling sick ==> spiraling effect

Do not confuse this with the medisave cap in your account for those still working, this cap also increases every year and it is a higher amount.

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-4.htm

I stand corrected.

 

[Khun Ying Pojaman]

The CPF online portal seems to have everything EXCEPT the 'precise' amount you're permitted to withdraw (for those past 55).

 

[Lestat]

So the question is, Can the Medisave sum be transferred to your next-of-kin once you die?

 

[Khun Ying Pojaman]

So the question is, Can the Medisave sum be transferred to your next-of-kin once you die?

I'm very sure the answer is YES. It's part of your estate.

 

[Manager]

there is no more estate duty..

 

[annexa]

I'm very sure the answer is YES. It's part of your estate.

I think my question is, can your NOK encash it like the rest of your CPF after you die. And also can you encase ALL your medisave when you migrate?

 

[Char_Azn]

It's amusing how many idiots believe in rumors and hearsay instead of just, simply GOING TO THE CPF WEBSITE TO CHECK!!!!!

Q: What happens to my Medisave balance when I die?
[ Your Retirement Savings And Withdrawals > CPF Withdrawals on Other Grounds > Distribution of CPF Savings upon Death of a CPF Member ]
A:

Your Medisave balance would be used in full to pay your last hospitalisation bill if you had authorised the use of your Medisave to pay the bill before your demise.

If you had not signed the Medisave Authorisation Form (MAF) before your demise, your immediate family members (spouse, parents, or child who is 18 years and above) or your deputy/donee appointed under the Mental Capacity Act could also sign the MAF to use your Medisave to pay your last hospitalisation bill, provided it has not been paid out to your nominee(s).

In the event that you do not have any immediate family members or deputy/donee to sign the MAF, a relative who has been taking care of you may also write in to the Ministry of Health through the hospital to seek approval for him to authorise the withdrawal of your Medisave to pay your last inpatient medical bill.

http://mycpf.cpf.gov.sg/Members/home.htm

 

[Char_Azn]

The CPF online portal seems to have everything EXCEPT the 'precise' amount you're permitted to withdraw (for those past 55).

Dude There's a thing call the SEARCH function. That's how I found this.

http://ask-us.cpf.gov.sg/hybrid/Themes/CPF/related.asp?MesId=7670115&FolderID=0&Selected=2&CSRId=&SourceId=0

 

[SIFU]

pap dog so early morning starts to defend pap again.

 

[Leckmichamarsch]

I stand corrected.

funny: the hakka ole fart oso said same thing.........

 

[leoman]

medisave $monies$ is aka 'coffin $monie$'.
in hokkien its call "kwa char poon".

yes .... it CANNOT b taken out ..... only khaw can say 'how much u can use if u fall sick'

IF U MIGRATE ..... yes .... u CAN take all out (incl all other cpf acct) .....coz u throw back ur pink ic.

Else ....... if u die ...... ALL go 2 ur nex-of-kins.

 

[Khun Ying Pojaman]

Dude There's a thing call the SEARCH function. That's how I found this.

http://ask-us.cpf.gov.sg/hybrid/Themes/CPF/related.asp?MesId=7670115&FolderID=0&Selected=2&CSRId=&SourceId=0

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/hybrid/Themes/CPF/related.asp, line 44

 

[silverfox@]

For CPF matters, always good to go down personally to CPF board to enquire. That is the place you get the real answers. Not hearing from people. Because CPF matters and ruling gets changing periodically and unless the forummer is working in the CPF board, or else they wouldn't be able to give the lastest updates. Likewise for HDB matters as well.

 

[Char_Azn]

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/hybrid/Themes/CPF/related.asp, line 44

I didn't copy the thing coz very long some more got table. If the quote below looks confusing, go to the cpf website and use the search function at the top right. Search for CPF withdrawal, that's how I got the info

Q: How much can I withdraw from my CPF Account when I reach 55?
[ Your Retirement Savings And Withdrawals > CPF Withdrawals at 55 & Beyond > Withdrawals of CPF Savings ]
A:

If you reach 55 between 1 January 2011 and 30 June 2011, the following rules apply:

Cash balances in Ordinary and Special Accounts, and any balance above Medisave Minimum Sum (currently $34,500) in Medisave Account at 55


Amount which you can withdraw

$5,000 or less - All your cash balances

More than $5,000 but less than or equal to $25,000 - $5,000. The remainder will be set aside in your Retirement Account*.

More than $25,000 but less than or equal to $153,750 - 20% of the cash balances. The remainder will be set aside in your Retirement Account.*

More than $153,750 - All your cash balances after setting aside the CPF Minimum Sum of $123,000

**(from July 2010 to June 2011) and the prevailing Medisave Required Amount ($27,500 for 2011)

*The Retirement Account is created when a member reaches 55.

**The CPF Minimum Sum applicable for members turning 55 between 1 July 2010 and 30 June 2011 is $123,000. The Board will announce the CPF Minimum Sum figure (adjusted for inflation) in June each year.

From 1 January 2011, members who reach 55 can only withdraw 20% of their cash balances, and the remaining balances, if any, after they have set aside the CPF Minimum Sum (MS) in their Retirement Account. If they have the full MS but have less than the Medisave Required Amount (MRA), they are required to make a top-up to their Medisave Account with part of the balances from their Ordinary and/or Special Accounts to meet the prevailing MRA. This percentage of withdrawal will go down by 10 percentage points each year until 2013.

Please click here for the percentage of the cash balances that can be withdrawn at 55.

From 1 January 2013, members who reach 55 can withdraw their cash balances only after setting aside the CPF Minimum Sum and Medisave Minimum Sum. However, members can still withdraw the first $5,000 from the CPF account at 55.

Examples on the computation of CPF withdrawal.

 

[Forvendet]

If you surrender Singapore pink or blue IC and leave, you get all your CPF including Special and Medisave. You can come back and reapply for blue IC provided you top up your CPF back plus interests during the years you left.

 

[rusty]

Last week I busy drive the taxi. Over kopi, my kaki tell me something that make me feel like get strike by lightning.

He is say that the CPF Medisave is cannot take out one. You migrate also cannot take out, you die also cannot take out. Die die is become gahmen money. You can pass to your chewren, friend, whatever but it cannot become take out cash, forever. Like this is mean that the sinkie medisave fund will keep rollover and become more and more with each generation. Because cannot take out. Like this is also mean, you see knn so much money inside cannot take out, will use on all kinds of fuck medicine that can use or don't mind pay higher medical care bill.

I want to hear from forummers here, is this cannot take out rule true or fake? I go see the CPF FAQ, all knn cannot find one.

Read this: http://www.sammyboy.com/showthread.php?89046-Voting-It-doesn-t-matter