But, Medisave is not just for adults. The good news for parents whose newborn baby has a Singapore citizenship status is that a Medisave account under the baby’s name would automatically be created. The Medisave account is also not empty as it will receive a grant of $4,000 for the newborn. Now that babies are eligible for Medisave, what does it mean exactly?
A baby who is born as a Singapore citizen on or after 1 January 2015 is automatically granted a Medisave account, which also come with a grant of $4,000. It does not matter whether the newborn is your biological or adopted child, or whether the mother is divorced or not married. If a baby was born before 1 January 2015, he or she will still be eligible for the Medisave account with a grant of $3,000, as long as the baby was not born before 26 August 2012.
The process of getting a Medisave account for your baby is simple. As soon as your child is born, you are required to register his or her birth and right after your little one is registered, a Medisave account will be created under your baby’s name.
The benefits
With the grant, parents can have less worry about healthcare expenses for the child. This include covering for mandatory vaccinations for every newborn baby and getting hospitalisation coverage for the baby. Another way you can benefit from your baby’s Medisave account is when your baby suffers from an illness, a disease, or needs to be hospitalized. This is when you can utilize the account to cover hospitalization expenses, which may be expensive and can deplete your bank account and the medisave account. Alternatively, it's good to use the medisave to get hospitalization coverage so that the medisave will not be depleted in the event of hospitalization.
The financial assistance given through a baby’s Medisave account could provide parents with additional peace of mind as healthcare needs may be costly. By having their own Medisave accounts, babies are granted better health coverage as they grow into adolescent and adulthood stages.
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