Beyond government subsidies on general medical care and healthcare devices, MediSave is a major avenue that the government uses to assist those who may need to pay for expensive medical treatment.
Here’s all you need to know about the Basic Healthcare Sum (BHS) for your CPF MediSave.
What is the Basic Healthcare Sum?
The Basic Healthcare Sum is an estimated projection of how much you should have in your CPF MediSave account, in order for your basic healthcare needs to be covered during your retirement years.
Same as CPF contributions, CPF members automatically contribute a percentage of their salary to their MediSave Accounts every month – this gets Singaporeans and Permanent Residents to set aside money for their healthcare needs in the future.
How Much Is the Basic Healthcare Sum?
The BHS varies depending on your age.
For CPF members aged below 65 in 2021: The prevailing BHS is $63,000, and is adjusted yearly in order to match the expected increase in MediSave use as you age.
For CPF members who turn 65 in 2021: The cohort BHS is $63,000 and will remain fixed for the rest of your lives.
Some people assume that the BHS is a minimum amount that you need to have in your MediSave Account. However, the BSH is a maximum sum, not a minimum sum, and functions as a cap on your MediSave balance.
There is no minimum amount required for your MediSave savings, so not to worry if you don’t hit the BHS. Neither the savings in your MediSave account nor the BHS affects your ability to withdraw your CPF savings when you turn 55, or your CPF monthly payouts from age 65 onwards.
Benefits of BHS
- Enjoy 4% MediSave interest rates
- Receive tax relief from making voluntary MediSave top-ups
- Funds will generate enough interest for it to remain stable even as you withdraw money to make payments
Exceeding the Basic Healthcare Sum
Once you have attained the BHS, no further voluntary top-ups can be made to your MediSave account. If you exceed your BHS from voluntary top-ups to your MediSave account, the full amount of your top-up will be refunded to you.
What can I pay using MediSave?
MediSave can be used for a range of medical care that covers a variety of areas including acute care, rehabilitative care, in-patient hospitalization, day surgeries, health screenings, vaccinations, end-of-life care, outpatient treatments, and even medical insurance premiums.
Reference: Homage, CPF Singapore
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