CPF MediSave Account: Who Qualifies and What You Get
Understand how the MediSave account works to cover your medical expenses and how it is funded through your salary.
The CPF MediSave Account is a dedicated savings component within your Central Provident Fund designed to help you pay for healthcare needs. It ensures that a portion of your earnings is set aside specifically for medical costs.
Who it's for
This scheme is available to all working Singaporeans and Permanent Residents. If you are employed and living in Singapore, you will have a MediSave account to build up your medical reserves.
What you get
The money in your MediSave account is used to cover various medical expenses. The funds held in this account earn interest, helping your healthcare savings grow over time to meet future medical needs.
What it costs you
Funding this account is not a separate fee you pay manually; instead, it is funded through a mandatory portion of your monthly salary. These contributions are taken from your earnings to ensure your medical fund is consistently replenished.
The catch to know
While the funds are there for your healthcare, there are specific rules regarding how you can use them. Most notably, withdrawal limits apply to outpatient treatments, so you may not be able to use the entire balance for every minor medical visit or consultation.
How to apply
You do not need to apply to open a MediSave account, as it is set up automatically as part of your Central Provident Fund. To manage your account, you can:
- Log in to the official government portal.
- Check your current MediSave balance.
- Review your recent medical claims and contributions.
- Monitor how your funds are being used for your healthcare expenses.