Medisave

Medisave is a national medical savings scheme which helps individuals set aside part of their income into their Medisave Accounts to meet their future personal or immediate family's hospitalization, day surgery, certain outpatient expenses and approved medical insurance.

Overview

Medisave is part of the Central Provident Fund (CPF) system in Singapore. It is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their healthcare expenses in their retirement years. The Medisave scheme is one of three accounts that the CPF system is divided into, the other two being the Ordinary Account and the Special Account.

Contributions

Medisave contributions are deducted from an employee's monthly salary. The amount of contribution is dependent on the employee's wage and age group. The Medisave contribution rate ranges from 8% to 10.5% of the employee's wage.

Uses

Medisave can be used to pay for self or immediate family members' hospitalization expenses, day surgery and certain outpatient expenses. It can also be used to pay the premiums for the national medical insurance scheme, MediShield Life, and the private integrated plans.

Limitations

There are limits to the amount that can be withdrawn from the Medisave account for various types of treatments. These limits are set by the Ministry of Health (MOH) and are reviewed periodically.

See Also

• Central Provident Fund
• MediShield Life
• Ministry of Health (Singapore)