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Medisave

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Medisave (Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings account system in Singapore.[1] The contribution is mandatory and taken from the monthly Central Provident Fund (CPF) contribution. The system allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses.

Under this system, Singaporean employees contributes 6.5–9.0% (depending on age group) of their monthly salaries to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and immediate family members.

See also

References

  1. ^ "Medisave".
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