Wednesday, November 11, 2009
Medisave
Medisave, introduced in April 1984, is a national medical savings scheme which helps individuals put aside part of their income into their Medisave Accounts to meet their future personal or immediate family's hospitalization, day surgery and certain outpatient expenses.
Under the scheme, every employee contributes 6.5-9% (depending on age group) of his monthly salary to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and his immediate family members.
An account holder may use his Medisave to pay the hospitalisation and certain outpatient expenses incurred at any hospital in Singapore. He may use his Medisave savings for himself and as well as his immediate family members.
Under the scheme, every employee contributes 6.5-9% (depending on age group) of his monthly salary to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and his immediate family members.
An account holder may use his Medisave to pay the hospitalisation and certain outpatient expenses incurred at any hospital in Singapore. He may use his Medisave savings for himself and as well as his immediate family members.
Medisave can be claimed only if the patient stays in the hospital for at least 8 hours (unless the patient is admitted for day surgery).
From 2002 onwards, only self-employed persons who earn more than $6,000 a year would need to contribute to Medisave. As the self-employed are required to contribute to Medisave based on the previous year's net trade income, this would apply to income earned during and from 2002 onwards.
The amount of Medisave they are required to contribute is capped based on an annual income ceiling of $60,000 for income earned in 2005 and $54,000 for income earned in 2006.
credits: (https://www.moh.gov.sg/)# posted by lwx @ 11:45 PM 
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