As Singaporeans, we are fortunate to have access to Medisave, a national medical savings scheme that helps us pay for our healthcare expenses. Medisave contributions are made by both employees and employers, and the amount that we can use each year depends on our age and employment status.
How Much Can I Use Each Year?
The amount of Medisave you can use per year varies depending on your age and employment status. The table below shows the maximum amount that you can use each year:
| Age Group | Employment Status | Maximum Medisave Amount |
|---|---|---|
| Below 35 | Employed | $46,560 |
| 35 to 45 | Employed | $48,600 |
| 46 to 55 | Employed | $50,640 |
| 56 to 65 | Employed | $52,680 |
| 65 and above | Employed | $66,480 |
| Below 35 | Self-Employed | $30,960 |
| 35 to 45 | Self-Employed | $32,400 |
| 46 to 55 | Self-Employed | $33,840 |
| 56 to 65 | Self-Employed | $35,280 |
| 65 and above | Self-Employed | $44,160 |
What Can I Use Medisave For?
Medisave can be used to pay for a wide range of healthcare expenses, including:
- Hospitalization
- Surgery
- Specialist consultations
- Medication
- Dental care
- Eye care
- Traditional Chinese medicine
- Health screenings
- Vaccinations
- Medical devices
- Nursing home care
How Do I Use Medisave?
To use Medisave, you need to have a Medisave account. You can open a Medisave account at any bank or CPF branch. Once you have a Medisave account, you can use your Medisave card to pay for healthcare expenses. You can also use your Medisave account to make online payments for healthcare expenses.
Tips and Tricks
Here are a few tips and tricks to help you maximize your Medisave usage:
- Make sure you are contributing enough to your Medisave account. The more you contribute, the more you will have available to use for healthcare expenses.
- Use your Medisave for preventive care. Medisave can be used to pay for health screenings, vaccinations, and other preventive care measures. This can help you catch health problems early and prevent them from becoming more serious.
- Take advantage of Medisave top-ups. The government offers several Medisave top-up schemes that can help you increase your Medisave balance.
- Use your Medisave to pay for long-term care expenses. Medisave can be used to pay for nursing home care and other long-term care expenses. This can help you save money on these expenses in the future.
Conclusion
Medisave is a valuable national medical savings scheme that can help you pay for your healthcare expenses. By understanding how much you can use each year and how to use it effectively, you can maximize your Medisave usage and ensure that you have the financial resources you need to meet your healthcare needs.
Medisave can be used to pay for a wide range of healthcare expenses, including:
Hospitalization
Medisave can be used to pay for hospital bills, including the cost of the room, board, and medical treatment.
Surgery
Medisave can be used to pay for the cost of surgery, including the surgeon’s fee, the hospital fees, and the cost of anesthesia.
Specialist consultations
Medisave can be used to pay for the cost of specialist consultations, including the consultation fee and the cost of any tests or procedures that are performed.
Medication
Medisave can be used to pay for the cost of prescription medication, including the cost of the medication itself and the cost of dispensing the medication.
Dental care
Medisave can be used to pay for the cost of dental care, including the cost of checkups, cleanings, fillings, and extractions.
Eye care
Medisave can be used to pay for the cost of eye care, including the cost of eye exams, glasses, and contact lenses.
Traditional Chinese medicine
Medisave can be used to pay for the cost of traditional Chinese medicine, including the cost of acupuncture, herbal remedies, and massage therapy.
Health screenings
Medisave can be used to pay for the cost of health screenings, including the cost of blood tests, cholesterol tests, and cancer screenings.
Vaccinations
Medisave can be used to pay for the cost of vaccinations, including the cost of the vaccine itself and the cost of administering the vaccine.
Medical devices
Medisave can be used to pay for the cost of medical devices, such as wheelchairs, hearing aids, and blood glucose monitors.
Nursing home care
Medisave can be used to pay for the cost of nursing home care, including the cost of the room, board, and medical care.
There are a few things you can do to maximize your Medisave usage:
- Make sure you are contributing enough to your Medisave account. The more you contribute, the more you will have available to use for healthcare expenses.
- Use your Medisave for preventive care. Medisave can be used to pay for health screenings, vaccinations, and other preventive care measures. This can help you catch health problems early and prevent them from becoming more serious.
- Take advantage of Medisave top-ups. The government offers several Medisave top-up schemes that can help you increase your Medisave balance.
- Use your Medisave to pay for long-term care expenses. Medisave can be used to pay for nursing home care and other long-term care expenses. This can help you save money on these expenses in the future.
- How do I open a Medisave account? You can open a Medisave account at any bank or CPF branch.
- How do I use my Medisave account? You can use your Medisave card to pay for healthcare expenses at approved healthcare providers. You can also use your Medisave account to make online payments for healthcare expenses.
- What are the limits on how much I can use my Medisave account? The limits on how much you can use your Medisave account vary depending on your age and employment status.
- Can I use my Medisave account to pay for my dependents’ healthcare expenses? Yes, you can use your Medisave account to pay for the healthcare expenses of your spouse, children, and parents.
- What happens if I use more money than I have in my Medisave account? If you use more money than you have in your Medisave account, you will need to pay the difference out-of-pocket.
