• In response to the Government’s National Health Plan, the Central Provident Fund (CPF) Board implemented the MediSave scheme in 1984, making the MediSave account one of the mandatory deposit accounts for CPF savings.
• Savings in MediSave can be withdrawn for members’ personal use as well as to pay for family members’ medical expenses. MediSave can be used for various medical expenses, including hospitalisation, day surgery and certain outpatient charges.

The cap on CPF MediSave account balances will increase by S$2,700 to S$57,200 from next year onwards. This means that members will be required to set aside more savings for medical expenses. (Lianhe Zaobao, 16/11/2018)

According to the provisions of the CPF Board, employees and employers must contribute to CPF savings on a regular (monthly) basis. The contribution amount decreases with age, but the portion of the employee’s salary deposited into the MediSave account will remain between 8% and 10.5%.