CPF MediSave: Who Qualifies and What You Get
Learn how CPF MediSave helps Singapore citizens and PRs cover hospitalization and medical expenses through mandatory savings.
CPF MediSave is a specialized savings account designed to help you pay for medical costs and hospitalization expenses.
Who it's for
This scheme is available to all Singapore citizens and Permanent Residents (PRs). It is designed to ensure that residents have a dedicated pool of funds to address health-related financial needs.
What you get
The money held in this account is reserved specifically for your healthcare needs. These funds can be used to cover various medical expenses and the costs associated with being hospitalized. By setting this money aside, the scheme helps ensure you have a financial cushion to manage sudden or planned medical treatments.
What it costs you
The cost of maintaining this account depends on your employment status. For employees, contributions are part of the standard payroll process. However, if you are self-employed, you are responsible for managing your own mandatory contributions to ensure the account remains funded according to the required rules.
The catch to know
Self-employed individuals should be aware that maintaining your MediSave contributions is not just a matter of personal health savings. You may be required to have made these contributions in order to successfully renew your professional licenses. Keeping your account up to date is therefore essential for both your medical security and your ability to continue your professional work.
How to apply
- Log in to the official portal to check your current contribution status and account balance.
- If you are self-employed, ensure you are making all necessary mandatory contributions to the account.
- Verify that your contributions are up to date if you need to renew any professional licenses.
- Use the funds for your eligible medical and hospitalization expenses as required.