Medisave How-To For Seniors in Singapore: A Comprehensive Guide

Jia Hui

Jia Hui is a content marketer who loves helping others and hopes to make this world a kinder place in any way she can.

Jia Hui

Jia Hui is a content marketer who loves helping others and hopes to make this world a kinder place in any way she can.

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As in many other advanced economies, Singapore is still dealing with an ageing society. Simply put, although the country’s population is continuously booming, there are a lot fewer individuals to sustain an increase in older residents.

As Singaporeans deal with the difficulties brought on by ageing populations, long-term health plans, subsidies, and grants will become even more crucial. To assist our old folks as they reach retirement age, the state has thus far introduced a number of basic health insurance premiums.

What Is Medisave?

To this day, a national medical savings program called MediSave was established by the Ministry of Health to assist people in saving a portion of their income for future medical expenses. It is meant to pay for future medical expenses and hospitalisation, whether in a licensed community hospital or a private hospital, admission to an elderly care facility, day surgeries, dental procedures, outpatient expenses, and medical insurance premiums for the patient or their close family.

The MediSave can be used, but there are MediSave withdrawal limits that have also been put in place so that Singaporeans will constantly have sufficient funds in their accounts to support their necessary medical costs. Every Singaporean and permanent resident who lives and works in the country is also required to have a MediSave account. The account owners are expected to be making a monthly payment to their MediSave accounts. Singaporeans who reside and work overseas are not required to pay MediSave contributions, however, they are allowed to do so at their discretion.

What Institutions Accept MediSave Payments?

Only some public healthcare facilities, services, and private hospitals that have been accredited by MediSave may be paid for using MediSave to cover the medical bill. These facilities include those that provide inpatient and day surgery, dental services, prenatal care, and specialized outpatient clinics for seniors, including renal dialysis, radiation treatment, chemotherapy, and hospice care and rehabilitation facilities.

What Are Some Uses of MediSave?

Since your healthcare provider might not always let you know if you qualify for a claim and since inaccurate information results in out-of-pocket expenses, it’s imperative to know whether you qualify.

To make the best use of your Medisave savings, consider the following options:

Acute Care

The sum of the daily surgical and hospital fee limits determines the total MediSave reimbursable for an inpatient or day surgery procedure. The inpatient day hospital limit is applicable if a patient is hospitalized in an acute hospital for at least eight hours. If the individual, however, has an authorized surgical procedure, the day surgery restriction does not apply.

Rehabilitative Care

When treating more serious illnesses or injuries, rehabilitation may be necessary. Additionally, you can utilize your MediSave account to supplement the cost of such therapy. If you receive inpatient care at a nearby hospital, MediSave only allows you to use $250 per day and a maximum of $5,000 annually.

Outpatient Treatments

Most Singaporeans who have MediSave accounts can pay for inpatient stays and some outpatient costs at any hospital in the country. Additionally, a wide range of formally approved chronic diseases, vaccinations, medical exams, and radiation therapies are included.

Medical Insurance Premiums

An elderly person or their qualified dependents may use MediSave savings to cover the cost of their health insurance premiums. These premium payments for MediShield Life, ElderShield, or CareShield Life may be fully covered by MediSave. Additionally, you may use your MediSave account according to the withdrawal restrictions to settle for the premiums for Integrated Shield Plans (IPs) and ElderShield Supplement.

Who Is Eligible to Use MediSave?

For your basic healthcare needs, you can always use your MediSave to cover expenses for your close family’s medical services on top of your own personal medical bills. They have to be Singapore citizens or permanent residents in order to use your MediSave.

How Do I Submit a Medisave Claim Using Medisave Claims Authorization Form?

Basically, you could complete a Medical Claims Authorisation Form if you received treatment in Singapore at an institution that is authorized to provide medical care. Medical professionals need your permission and authorization in order to help you file claims with your MediSave, MediShield Life, and other IP policies, as well as to advise you on the financing and payment options available to you.

Keep in mind that you can only use an MCAF(S) for one facility. All public healthcare institutions, including public hospitals and polyclinics, accept the MCAF(M) form, which enables one to submit it in order to receive Medisave reimbursement for future medical services and healthcare expenses.

My MediSave Balance: How Do I Check It?

To check your MediSave balance, just go to:

  • My cpf digital services: Use your Singpass credentials to log on to your Healthcare dashboard, then use the menu bar to find what you need.
  • CPF Mobile app: Install the CPF Mobile app to your device, then sign in with your Singpass to access your account.

Also, a Medisave Account’s balance also exceeds a Special Account  (SA) when it reaches the Basic Healthcare Sum. Then, the user’s Ordinary Account will receive the excess money if their SA has already attained the Further Retirement Sum.

How Do I Fund My MediSave Account?

For Salaried Employees

If you get a monthly income, your employer is required to contribute to your CPF contributions, which include your MediSave Account, on your behalf. You can check your contribution amount on the CPF portal every month when your salary is received; it should equal 8% of your monthly income.

For Self-Employed Individuals

You are required to make annual MediSave payments if you are self-employed and earn more than $6,000 in Net Trade Income (NTI) every year. Your age and the employment or earned income listed on your IRAS tax return determine the amount. You are not required to make contributions to your CPF Ordinary or Special Account, unlike workers, although you are free to.

Voluntary Medisave Contributions

Voluntary contributions are irreversible. Once you’ve decided on the kind of voluntary contributions you wish to put in, you’ll need to request a new CPF Submission Number (CSN) to finish the contribution. Also, you will require a different CSN in order to make contributions. Just like with your mandatory CPF contributions, you can apply and make payment for your contribution after getting the CSN.

Gaining Long-Term Use from Your Medisave Account

With MediSave, it can secure living a sustainable approach in a retirement community or a nursing home without putting their relatives through financial difficulty, thanks to the numerous assistance programs for the elderly in Singapore. With Retire Genie, keep track of your loved ones’ demands for elder care financial aid so you can do your part in providing for them. Try and incorporate MediSave to prepare for unforeseen medical expenses.

Download Our App

Your elderly support services, now easily accessible anytime and anywhere in Singapore you are. You can ease your worries knowing that help is always on the way. Download our app today and try it for yourself!