Singapore is known for its world-class healthcare system. In fact, according to the World Health Report 2000 that was published by the World Health Organization (WHO), Singapore’s healthcare system was recognized as the best in Asia, ahead of Hong Kong and Japan in term of the overall system performance.
With this fact in mind, as residents in Singapore, we are fortunate to have a good and reliable healthcare system that is also regarded as one of the best in the world.
Nonetheless, great quality requires a huge capital to maintain and the burden can, at most times, be imposed on the patients and their families. Hence, it makes perfect sense if we should anticipate the cost that can be associated with our future medical bills. Do not wait until it is too late when the skyrocketed bill arrives. Shockingly, for many people, hospital bill can exceed a level equivalent to their one-year income.
For Singaporeans & Permanent Residents
Fortunately for Singapore Citizens and Permanent Residents (PRs), the government has some ways to help cover part the huge amount associated with medical bills. This includes the schemes provided by the Central Provident Fund (CPF) under its Medisave and Medishield packages.
CPF Medisave
For every working adult who is a Singapore Citizen or a PR, it is compulsory to contribute a portion of their income into the CPF Medisave account. This account can be used for your healthcare needs, in addition to that of your spouse’s or parents’.
For more details on Medisave withdrawal limits and coverage, please refer to MOH website.
Medishield Life
Medishield is a basic medical insurance scheme that is designed to help pay a portion of the expense associated with hospitalization. In addition, it also covers certain outpatient treatments for serious illnesses at approved medical institutions. The scheme works most effectively for hospitalization cases in Class B2 and C wards at restructured hospitals.
If you are a CPF member, MediShield is meant to complement your Medisave savings, which may otherwise be depleted in the unfortunate event of a prolonged illness that require a longer-term medical treatment. We must cleverly note that the MediShield has both deductible and co-insurance features, which are not covered by the government’s program.
With this fact in mind, as residents in Singapore, we are fortunate to have a good and reliable healthcare system that is also regarded as one of the best in the world.
Nonetheless, great quality requires a huge capital to maintain and the burden can, at most times, be imposed on the patients and their families. Hence, it makes perfect sense if we should anticipate the cost that can be associated with our future medical bills. Do not wait until it is too late when the skyrocketed bill arrives. Shockingly, for many people, hospital bill can exceed a level equivalent to their one-year income.
For Singaporeans & Permanent Residents
Fortunately for Singapore Citizens and Permanent Residents (PRs), the government has some ways to help cover part the huge amount associated with medical bills. This includes the schemes provided by the Central Provident Fund (CPF) under its Medisave and Medishield packages.
CPF Medisave
For every working adult who is a Singapore Citizen or a PR, it is compulsory to contribute a portion of their income into the CPF Medisave account. This account can be used for your healthcare needs, in addition to that of your spouse’s or parents’.
For more details on Medisave withdrawal limits and coverage, please refer to MOH website.
Medishield Life
Medishield is a basic medical insurance scheme that is designed to help pay a portion of the expense associated with hospitalization. In addition, it also covers certain outpatient treatments for serious illnesses at approved medical institutions. The scheme works most effectively for hospitalization cases in Class B2 and C wards at restructured hospitals.
If you are a CPF member, MediShield is meant to complement your Medisave savings, which may otherwise be depleted in the unfortunate event of a prolonged illness that require a longer-term medical treatment. We must cleverly note that the MediShield has both deductible and co-insurance features, which are not covered by the government’s program.
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