MediSave: Who Qualifies and What You Get
Learn how this mandatory savings scheme helps Singaporean citizens and PRs cover hospital bills and specific outpatient treatments.
MediSave is a mandatory savings account designed to help you pay for hospital bills and certain outpatient medical treatments. It acts as a dedicated fund to ensure you have financial support for healthcare needs.
Who it's for
This scheme is available to all Singaporean citizens and Permanent Residents (PRs). Because it is a mandatory system, it is designed to provide a financial safety net for anyone holding these specific residency statuses in Singapore.
What you get
The funds in this account are specifically set aside to cover your medical expenses. You can use these savings to pay for hospital stays and various specific types of outpatient care. This ensures that a portion of your earnings is reserved exclusively for healthcare-related costs, providing a buffer for when medical needs arise.
What it costs you
This is not a free grant provided by the government; it is a savings scheme. It is funded through mandatory monthly contributions that are taken from your income. These contributions are processed through the official board to build up your individual account over time.
The catch to know
While the funds are there for your medical needs, there are specific rules regarding how you access them. For instance, withdrawal limits apply per day for hospital stays, meaning you cannot always access the entire balance at once during a medical event.
How to apply
- Ensure you are making the required monthly contributions through your income.
- Confirm your eligibility status as a Singaporean citizen or Permanent Resident.
- Use your account balance to settle medical bills at participating healthcare providers.
- Log in to the official portal to check your current balance and usage.