MediSave Voluntary Contributions: Who Qualifies and What You Get
Learn how self-employed individuals can use voluntary contributions to gain tax relief and build savings for future medical expenses.
MediSave Voluntary Contributions allow self-employed individuals to put extra money into their healthcare savings account to prepare for future medical costs.
Who it's for
This is for self-employed persons who earn an annual net trade income higher than $6,000.
What you get
By making these contributions, you can receive tax relief on the amount you put in. This money also builds up savings that can be used to pay for future hospitalisation and other medical expenses.
What it costs you
The cost is variable depending on how much you choose to contribute. To manage these contributions, you will need to use your Singpass login to access the necessary systems.
The catch to know
It is easy to overlook this scheme, but many freelancers forget that making these types of contributions can become mandatory if your earnings reach a certain level.
How to apply
- Log in to the official portal using your Singpass.
- Check your current contribution status and income details.
- Follow the prompts to make your voluntary contribution.
- Keep records of your contributions for your tax filings.