CPF Medisave question

[scoobyhoo]

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 So if you're 55 and above, any amount in excess of the MMS can be withdrawn, together with your balance in your Ordinary Account and Special Account.

New update?

 

[Char_Azn]

New update?

I think he meant this

Q: Is there a limit on my Medisave balance?

A:

Yes, the prevailing Medisave Contribution Ceiling is $39,500. You need to contribute to your Medisave Account up to the prevailing Medisave Contribution Ceiling. After that, any Medisave contributions in excess of the Medisave Contribution Ceiling will be transferred from the Medisave Account to the Special Account for members aged below 55, and to the Retirement Account for members aged 55 and above, who do not meet the CPF Minimum Sum. For those who have set aside the full CPF Minimum Sum, the excess CPF contribution will be transferred from the Medisave Account to the Ordinary Account.

The Medisave Contribution Ceiling is adjusted each year on 1 July to ensure that Singaporeans have sufficient savings to meet their hospitalisation expenses.

Government pensioners under the Fixed Amount on Ward Charges scheme do not need to have Med

I was reading on the medishield part while looking at this

Q: How many types of Medishield covers are there?

A:
CPF Board administers MediShield which is a basic medical insurance. However, if you wish to enjoy higher coverage than that provided under MediShield, you may apply for a Medisave-approved Integrated Shield Plan (IP) directly from one of the private insurers under the Private Medical Insurance Scheme (PMIS). An IP is made up of MediShield and an enhancement plan offered by private insurers under the PMIS.

This is the part where Khaw came out and claim that he only paid $8 for his hospitalization. Becoz he probably bought one of those plans. I strongly urge U guys to contact your insurance agents asap and sign up for one if you have not done so already. I'm paying something like $30 a month for this plan. But if I kena anything major, my hospitalization bill = almost free. If you are not covered then you really KNS when you kena those $20-30K hospital bill

 

[rofthelper]

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.

You will get back your CPF (Ordinay/SA/MA) in cash, if you satisfy all the following conditions. See below link.

http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO9.htm

The CPF withdrawn will be paid to you in Singapore Dollars.

 

[annexa]

You will get back your CPF (Ordinay/SA/MA) in cash, if you satisfy all the following conditions. See below link.

http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO9.htm

You may withdraw your CPF in full if you satisfy all the following conditions:

1. You do not hold a valid Singapore Work Permit/Employment Pass or have renounced your Singapore Permanent Residency; and

2. You are:
a) 55 years old or above, or
b) below 55 years old but above 50 and have not worked in Singapore in the two years before your application, or
c) physically or mentally incapacitated from ever continuing in any employment or found to be of unsound mind.


That means if you are below 50 years old and migrate, you are fucked and your money is stuck in CPF?

 

[rofthelper]

You may withdraw your CPF in full if you satisfy all the following conditions:

1. You do not hold a valid Singapore Work Permit/Employment Pass or have renounced your Singapore Permanent Residency; and

2. You are:
a) 55 years old or above, or
b) below 55 years old but above 50 and have not worked in Singapore in the two years before your application, or
c) physically or mentally incapacitated from ever continuing in any employment or found to be of unsound mind.


That means if you are below 50 years old and migrate, you are fucked and your money is stuck in CPF?

The above applies if "you are a West Malaysian residing in West Malaysia".

If you are leaving Singapore and West Malaysia permanently with no intention of returning to either country for employment or residence, you can withdraw in full.