The Role of MediSave in Health Insurance: How Much Can You Use?
In Singapore, the government created MediSave as a national medical savings scheme to help individuals set aside part of their income for future healthcare needs. It is important to understand how much you can use from your MediSave account. This knowledge helps with effective financial planning, especially for health insurance and medical expenses.
Learn more: MediSave & Health Insurance
What Is MediSave?
The Central Provident Fund (CPF) established MediSave to help Singaporeans and Permanent Residents save a portion of their monthly wages in a personal account. These savings can be used to cover various medical expenses. As a result, individuals reduce out-of-pocket payments and ensure they have the necessary funds for healthcare.
Using MediSave for Hospitalization Expenses
MediSave covers hospitalization costs for both you and your approved dependents. To keep healthcare affordable and sustainable, the system sets specific withdrawal limits.
- Daily Hospital Charges: You can withdraw up to $550 per day for the first two days of hospitalization, and $400 per day thereafter.
- Surgical Procedures: MediSave sets withdrawal limits for surgeries based on their complexity. The limits range from $250 to $7,550.
MediSave for Outpatient Treatment
Beyond hospitalization, MediSave also supports various outpatient treatments:
- Chronic Disease Management: For approved chronic conditions, you can use up to $500 per year from your MediSave account. In cases of complex chronic conditions, the limit increases to $700 annually.
- Diagnostic Scans: Patients can withdraw up to $600 per year for necessary diagnostic scans such as MRI or CT scans.
These provisions make it more manageable to afford regular treatments and necessary diagnostics without financial strain.
Paying for Insurance Premiums with MediSave
MediSave can also be used to pay premiums for approved medical insurance schemes:
- MediShield Life and Integrated Shield Plans: Policyholders aged 80 and below can use up to $800 per year from their MediSave for premium payments. For those aged 81 and above, the limit is $1,150 annually.
Maternity and Parenthood
Expectant parents can tap into their MediSave savings for maternity-related expenses:
- Pre-Delivery and Delivery Charges: The MediSave Maternity Package allows withdrawals of up to $550 per day for the first two days of hospitalization and $400 per day thereafter for inpatient hospital charges.
MediSave is a key part of Singapore’s healthcare financing system, offering flexibility in managing medical and insurance expenses. By knowing the specific withdrawal limits and approved uses, you can make informed decisions. This helps guarantee your MediSave funds are used effectively for both immediate and long-term healthcare needs.
Find a Trusted Financial Consultant For Your Health Insurance Needs
Choosing the right health insurance plan can be challenging. If you need assistance in finding the best coverage for your needs, click the button below to connect with a trusted financial consultant who can help you explore your options.
Protect against cancer, cardiovascular disease, and other chronic diseases with regular health screening. Compare and shop for health screenings from Singapore and regional healthcare providers at a single convenient platform - shop.health365.sg
This article is informative only and is not intended to be a substitute for professional medical advice, diagnosis, or treatment, and should never be relied upon for specific medical advice.