Medisave is a compulsory savings scheme to help Singaporeans save and pay for their hospitalization expenses.
It was introduced in 1984, it pays 4% interest yearly.
The Scheme has 2 main features:
1] Minimum Sum (SG$29,500)
2] Contribution Ceiling (SG$34,500)
- This ceiling serves as a limit to members’ contribution
- Any excess amount will be transferred to the Special Account (SA) [OR the Retirement account if the member is above 55 years of age]
Medisave can be used for the following expenses:
- hospitalization expenses
- maternity charges
- approved outpatient treatments
- day surgery charges
- psychiatric treatment
- stay in community hospitals, hospices..etc
- gamma knife treatment (for brain tumor & other dysfunction)
- day care charges
- premiums for Medishield, Eldershield & other Medisave approved medical insurance schemes
For those who prefer higher coverage for their hospital expenses they can use their Medisave to purchase an enhanced plan such as AIA’s Healthshield, enhanced plans are integrated with Medishield, and provide protection on top of what Medishield is providing.
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