Medisave is the national savings scheme which helps individuals put aside part of their income in their Medisave Accounts to meet their personal or their dependants' hospitalisation expenses, especially after retirement. Dependants refer to spouse, children, parents and grandparents. Grandparents must be Singaporeans or Singapore Permanent Residents.
Since its introduction in 1984, Medisave has helped more than two million people save for their medical needs. Saving for future medical expenses is important, as the need for medical care and hospitalisation increases significantly as one grows older. It is important too that you spend your Medisave savings wisely - so that you can make your savings last you a lifetime!
To ensure that you have enough savings for your healthcare needs during retirement, you will need to set aside the Medisave Minimum Sum when you qualify for CPF withdrawal. On 1 July 2008, the Medisave Minimum Sum was increased from $28,500 to $29,500. Adjustments will be made on 1 July every year, to ensure that you have enough savings to meet your hospitalisation expenses.
Since its introduction in 1984, Medisave has helped more than two million people save for their medical needs. Saving for future medical expenses is important, as the need for medical care and hospitalisation increases significantly as one grows older. It is important too that you spend your Medisave savings wisely - so that you can make your savings last you a lifetime!
To ensure that you have enough savings for your healthcare needs during retirement, you will need to set aside the Medisave Minimum Sum when you qualify for CPF withdrawal. On 1 July 2008, the Medisave Minimum Sum was increased from $28,500 to $29,500. Adjustments will be made on 1 July every year, to ensure that you have enough savings to meet your hospitalisation expenses.
