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What is MediSave, and how does this affect me?

MediSave is a national medical savings scheme that helps individuals save for future medical expenses. As a working Singaporean, a portion of your salary is automatically set aside into your MediSave account each month. Your employer also contributes to this fund.

While MediSave funds cannot be withdrawn in cash, these funds are intended to help you afford your healthcare needs and can be used for a variety of purposes such as outpatient treatments, hospitalisation, long-term care, and insurance premiums. Using MediSave to pay for your insurance premiums allows you to obtain get healthcare protection without having to pay out-of-pocket costs.

CareShield Life supplements

This applies to you once you turn 30.Read this article to catch up on Careshield Life and its supplements.

If you are looking to top-up your monthly benefit, you can do so with Careshield Life supplement and use your MediSave to fully pay for it. This is possible if the premiums for your supplement falls within the yearly limit of $600 per person insured per calendar year.

An illustration:

Reach out to us here to find out how you can maximise your MediSave for insurance coverage.

Who needs CareShield Life Supplements?

Monthly pay-outs from CareShield Life starts from $649 in 2024 and will increase over time. Consider CareShield Life supplements if you would like to enhance your support to receive a higher monthly pay-out.

Pay-outs from CareShield Life will start from the inability to perform three out of six Activities of Daily Living (ADL). With supplements, your pay-out may start from the inability to perform at least 1 ADL.

Available CareShield Life supplements on FSMOne:

While you can use your MediSave savings to pay for the above insurance premiums (without cash outlay), consider these factors before making a decision:

1. Your financial situation: Ensure you have sufficient MediSave savings to cover the premiums without compromising your future healthcare needs.

2. Your insurance needs: Assess your specific healthcare needs and choose an insurance plan that adequately covers them.

Essentially, MediSave is a tool to help you manage healthcare costs, but it's not a free insurance source. MediSave is your money, accumulated from your salary contributions. Remember the opportunity cost: using MediSave for insurance premiums means you can't use that money for other healthcare expenses.

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^{Information obtained from:}

^{https://www.careshieldlife.gov.sg/careshield-life/benefits.html}

^{https://singlife.com/en/disability-insurance/careshield}

^{https://www.income.com.sg/health-insurance/care-secure}

^{Information retrieved on 20 August 2024.}

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