What is Medisave in Singapore? What is Medisave used for? And when can Medisave can be used? To answer all these questions, we must have knowledge of the national saving scheme, especially in Singapore. Medisave is a domestic saving system that will assist Singaporeans to save for future medical expenses. The primary goal is to set aside a portion of revenue for people to assist them to cope with possible future hospitalization, day surgery, and some outpatient bills as well as their healthcare needs in old age.
Medisave can be used for the following things like up to the Medisave withdrawal limits, your Medisave can be used to pay for medical care and hospitalization expenses mentioned on the chas & medisave benefits.
In order to essence the importance of Medisave in Singapore we will look upon some pros and cons of Medisave and then automatically we will find a result. So here we go:
Pros of Medisave in Singapore are:
Money in the Medisave Account earns an interest rate of 4 percent per year (up to December 31, 2019)
Despite the interest rate of 4 percent per year, Medisave is considered risk-free.
Medisave enables save one! This is particularly crucial for Singaporeans who struggle to save.
Cons of Medisave in Singapore are:
Some Singaporeans may disagree with the Medisave scheme as it is overvalued and for only a specific use it locks up an amount of cash for a long time.
More economic skilled Singaporeans with their investments could also beat the specified proportion.
Moreover, I am also going to pen down some key points of Medisave that will clearly reflect the importance of Medisave in Singapore.
· Get coverage
· Outpatient treatments
· End of life care
· Use to stay healthy
· Pay for medical and long-term treatments
· While starting a family
To get coverage, one can also use his Medisave. While MediShield Life covers Singapore Citizens and PRs, some may want to buy an Integrated Shield Plan to enjoy extra private insurance coverage. Coverage may vary for each IP, so it is up to customers to do their due diligence.
Medisave also includes treatments with outpatients. Here is a list of therapy authorized and their withdrawal restrictions:
· Hypertension (elevated blood pressure)
· Disorders of the lipids (e.g. elevated cholesterol)
Ø End of life care:
When one has contracted an incurable disease, end-of-life care includes managing pain and other symptoms to make one comfortable. For family members and caregivers, it often involves psychological, social and spiritual assistance.
Ø Use to stay healthy:
Prevention is better than cure at all times. Early detection can significantly decrease the complete cost of health care, as the most expensive medical charges are incurred when the patient’s disease enters its final stage.
Ø While starting a family:
A prevalent issue in our nation is that we do not reproduce enough children to replace our population. As parents welcome their young into our small red circle, they are permitted to use their Medisave to pay for hospital fees, delivery processes, and pre-delivery costs.