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MediSave 101: All You Need To Know About Your MediSave Account

Like many other industrialised countries, Singapore has and remains to have an ageing population. Simply said, the country's population is expanding, and a decreasing fraction of young people are funding more older adults.

As Singaporeans deal with the difficulties posed by the ageing society, healthcare plans, grants, and subsidies will be even more vital in the long run. To date, the state has established several programs to support our older folks as they enter their golden years. These programmes are controlled by the Ministry of Health, the Central Provident Fund Board (CPF Board), and the Housing Development Board (HDB).

Nonetheless, one of the most daunting issues plaguing Singapore's health and social care providers is getting the appropriate information to the right people. Although there is a variety of savings scheme that helps the elderly in Singapore, many eligible seniors may be oblivious of their options.

To be capable of supporting your elderly loved ones throughout their glory years, you must always be informed of and equipped with all available knowledge on how to supplement their healthcare finances.

What Is MediSave?

MediSave, a national medical savings scheme established by the Ministry of Health, was established to assist individuals in putting aside a portion of their income into a healthcare savings account. It is designed to cover future hospitalisation, admission to home for the aged Singapore, day surgery, dental care, outpatient expenses, and health insurance premiums for themselves or their immediate family members.

Depending on their age bracket, every employee in Singapore contributes 8% to 10.5% of their monthly salary to a personalised MediSave account. The money saved can be utilised to cover the account holder's medical bills and those of their immediate family.

The MediSave withdrawal limits have also been deliberately intended to guarantee that Singaporeans have adequate savings in their accounts to meet their primary healthcare needs. Such withdrawal limits are generally enough to fund most subsidised inpatient wards and outpatient services bills.

Who Is Eligible for a MediSave Account?

The MediSave account is mandatory for all Singapore citizens and permanent residents living and working in the country. Account-holders are expected to contribute to their MediSave savings monthly. Singaporeans working and residing abroad are not required to contribute to MediSave, but they are entitled to do so voluntarily.

What Medical Expenses Does MediSave Cover?

Knowing whether you're eligible to file a claim is vital as your healthcare provider may not always inform you, and misinformation leads to spending money from out of pocket.

Here are some options on how to acquire the most of your Medisave funds:

Inpatient and Day Surgery Acute Care

The total of the daily hospital charge limit and the surgical limit calculates the overall MediSave claimable for an inpatient or day surgery treatment.

If a patient is admitted to an acute hospital for at least 8 hours, the inpatient daily hospital limit applies. In contrast, the day surgery restriction applies if the patient receives an accredited surgical operation. Following are the withdrawal limits:

  • Inpatient Hospital Stay: Up to $550 for the first two days and $400 each day afterwards, additional to any surgical limits outlined in the Table of Surgical Procedures.
  • Inpatient Psychiatric Hospital Stay: Claim for up to $150 a day in a psychiatric facility, with a $5,000 annual cap.
  • Approved Day Surgeries: Up to $150 per day at accredited day hospitals, adding the surgical limit.

Rehabilitative Care

Rehabilitation may be required in the final stages of treatment for more severe injuries or illnesses. Also, you will be able to use your MediSave account to help pay for such rehabilitation. With MediSave, you can only utilise $250 per day and up to $5,000 per year if you get inpatient treatment at a local hospital.

Long Term Care

Discussing end-of-life care and committing to a nursing home with family members can be challenging. However, the government has ensured that patients reaching the final stages of their lives would spend less out of pocket since they can withdraw more from their MediSave accounts.

For end-of-life care, the Medisave withdrawal limits are as follows:

  • Accredited Inpatient Hospice Palliative Care Services (IHPCS) Stay-in: Up to $250 daily for general palliative care and $350 per day for specialised palliative care.
  • Home Palliative Care and Day Hospice Care: A cumulative lifetime withdrawal maximum of $2,500 per patient for day hospice and home palliative care. There will be no withdrawal restriction if the patient is diagnosed with terminal cancer or end-stage organ failure, and the patient's MediSave savings cover the bill.

Outpatient Care

The majority of MediSave account holders pay for hospitalisation and certain outpatient expenses at any hospital in Singapore. It also includes a wide range of approved chronic diseases, vaccines, health screenings, and radiation treatments.

Learn out more about the numerous outpatient treatments that are eligible for MediSave accounts, as well as their withdrawal limitations, by visiting the Ministry of Health's outpatient care guidelines.

Medical Insurance Premiums

MediSave funds can be used to compensate health insurance premiums for an individual or their eligible dependents. MediSave may entirely cover these MediShield Life, ElderShield, or CareShield Life premium payments. Moreover, you may also utilise your MediSave account to pay for Integrated Shield Plans (IPs) and ElderShield Supplement premiums up to the withdrawal limits.

Where To Use My MediSave?

MediSave can only be used to pay for certain public healthcare institutions or MediSave accredited healthcare institutions for medical expenses, including inpatient and day surgery, dental care surgery, pre delivery medical expenses, specialist outpatient clinics for the elderly, such as renal dialysis, radiotherapy, chemotherapy, and palliative care and rehabilitation centres.

Can MediSave Be Used in Private Clinics?

MediSave can be utilised practically wherever in Singapore, including private hospitals and authorised public hospitals. Bear in mind that you'll have to cover the cost difference. During childbirth in a private clinic, parents only need to gather expenditures incurred before delivery and delivery at the hospital and register them under Medisave Maternity Package claims.

Who Can I Use My MediSave For?

In addition to your personal healthcare bills, you can use your MediSave to pay for medical fees for your immediate family. Included are your spouse, children, parents, and grandparents. To use your MediSave, they must be Singapore citizens or permanent residents.

How To Submit a MediSave Claim

If you received treatment in Singapore at an authorised medical facility, you could fill out a Medical Claims Authorisation Form (MSAF). Your consent and authorisation are required for medical professionals to guide you on the financing and payment alternatives accessible to you, as well as to aid you in filing claims with your MediSave, MediShield Life, and other IP plans.

An MCAF(S) can be utilised for just one institution. One can also submit an MCAF(M) form for future healthcare expenses at all public healthcare institutions, which permits all public healthcare institutions, such as public hospitals and polyclinics, to claim Medisave compensation.

How Do I Check My MediSave Balance?

In checking your MediSave balance, simply access:

  • My cpf digital services: Sign in to your Healthcare dashboard with your Singpass details, then access the menu bar for your needs.
  • CPF Mobile app: Download the application on your phone and log in to your account using your Singpass.

Additionally, when a Medisave Account balance hits the Basic Healthcare Sum, it overflows into a Special Account (SA). If one's SA has already reached the Further Retirement Sum (FRS), the surplus amount will be transferred to the individual's Ordinary Account (OA).

How To Top Up Your MediSave Account

For Salaried Employees

For those employees earning a monthly salary, your employer is obligated to make a monthly payment into your CPF contributions, which incorporates your MediSave Account. Each month, when your income is delivered, you will be able to view the amount you have contributed on the CPF portal, which should be 8% of your total income for that month.

For Self-Employed Individuals

As self-employed and earning over $6,000 in Net Trade Income (NTI) for an annum, you must make annual MediSave payments. The amount is decided by your age and job or business income reported on your IRAS tax return. Unlike employees, you are not compelled to contribute to your CPF Ordinary or Special Account, but you may do so optionally.

Voluntary Medisave Contributions

Contributions made voluntarily are non-reversible. You'll have to apply for a new CPF Submission Number (CSN) to complete the contribution once you've selected which type of Voluntary Contributions you want to submit. To contribute, you will need a different CSN. You can submit and pay for your contribution after receiving the CSN, just like you do for your mandatory CPF contributions.

Tap Into Your MediSave Account

Courtesy of myriad assistance programmes for the elderly in Singapore, they can ensure living a sustainable lifestyle sans inflicting financial hardship on their families. Have your share of caring for your loved ones by keeping yourself aware of their senior care financial assistance needs. Be equipped to face unexpected medical bills with MediSave.

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