MediSave Top-up Relief: Who Qualifies and What You Get
Learn how making voluntary cash top-ups to your MediSave account can provide tax relief for self-employed individuals and voluntary contributors.
This scheme allows you to receive tax relief by making voluntary cash top-ups to your own MediSave account.
Who it's for
This relief is available for those making self-employed top-ups or voluntary contributions to their own MediSave account.
What you get
When you put extra cash into your MediSave account through voluntary top-ups, you can claim tax relief. This helps reduce your overall taxable income, meaning you pay less in taxes.
What it costs you
To benefit from this, you must provide the cash for the top-up yourself. There is a limit to how much you can contribute, as all top-ups are capped at the prevailing annual limit set by the CPF Board.
The catch to know
You cannot top up indefinitely to get unlimited tax relief. You must ensure that your total MediSave balance does not exceed the Basic Healthcare Sum (BHS), which is the maximum amount allowed in your account for medical expenses.
How to apply
- Calculate how much you wish to contribute without exceeding your Basic Healthcare Sum.
- Make the voluntary cash top-up to your MediSave account.
- Keep your transaction records to support your tax claim.
- Check the official portal for current limits and details: https://www.cpf.gov.sg