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7 Practical Ways To Make Full Use of Your Medisave

How useful is your MediSave to you?

Not all of us understand the full scope of what we can use our MediSave for. Basically it is a compulsory national healthcare savings system under the CPF system. Medisave offers you security to pay for future hospitalization charges, some outpatient fees and day surgery.

Additionally, you can use your MediSave to upgrade certain Shield plans.

There are various ways to effectively utilise your funds instead of parking it in your account to stagnate. Explore how you can maximise your MediSave instantly, no frills attached.

1. Offset Your Dental Fees

Pulling out a wisdom tooth can cost you a small fortune. Use your MediSave to pay for surgical treatments on the spot instead of ripping a hole in your pocket.

You can even help your immediate family member pay a portion of his/her total dental bill.

Here are the dental surgical procedures/day surgery MediSave can be used for:

  • Sinus Lift
  • Wisdom Tooth Surgeries
  • Dental Implants
  • Bone Graft
  • Gum Surgery
  • Surgical Removal of Retained Roots/Fractured Teeth

On the other hand, these are examples of non-surgical treatments where MediSave cannot be claimed:

  • Invisalign
  • Non-surgical Root Canal Treatment
  • Metal Braces
  • Dental Crowns
  • Dentures
  • Bridges

The type of procedure determines how much you can claim. The more complicated it is, the more you get.

Claims range from S$250 to S$2,850. Here is a table showing the type of operation and the fixed claimable limits from the Ministry of Health (MOH):

2. Go For Screenings

Not sick?

You can still use your MediSave to pay for these health screenings:

Mammograms

This applies to women aged 50 and above. You can pay your own fees or for an immediate family member’s who is also aged 50 and more.

You can use up to S$400 a year. However, this includes what you have spent on vaccinations, screenings and on managing conditions under the Chronic Disease Management Program (CDMP).

Colonscopies

You are eligible to use your MediSave if you are aged 50 and older. You can withdraw:

  • Up to S$950 for costs related to your procedure
  • Up to S$300 for applicable hospital charges for fibreoptic screenings
  • Between S$1,250 and S$1,550 for fees related to fibreoptic screenings with polyp removal
  • Up to S$300 for applicable hospital charges for aforementioned procedure

Certain Outpatient Screening Tests for Newborns

You can exercise up to S$400, but this sum also includes money spent on vaccinations, the CDMP and other screenings.

3. Use Medisave for Delivery Fees

You pay for regular gynaecology fees, delivery fees, hospitalization fees for both you and your child. Should there be complications or conditions, you may even need to factor in extra expenses or longer hospital stays.

Thankfully, your Medisave can be used to pay off a significant part of your costs, regardless of whether you opt for a private or public hospital.

The maximum you can withdraw is:

  • S$450/day in hospital
  • S$900 for pre-delivery medical expenses (consultations, medication), if you retain the receipts
  • S$750 for natural births
  • S$2,150 for Caesarean births

Here’s an overview of how much you can expect to claim in total:

4. Use Medisave For Assisted Conception Procedures (ACP)

Such procedures include in-vitro fertilisation (IVF) and intra-uterine insemination (IUI). They can be costly but the only option for some, like older couples or those who have existing reproductive conditions.

Couples can retrieve up to S$6,000 for their first cycle, S$5,000 for the second and S$4,000 for the third and subsequent cycles, capped at S$15,000 per patient per lifetime.

5. Vaccinations for You and Your Child

Each child born after 1 January 2015 automatically receives a S$4,000 MediSave Grant into his/her Medisave account.

They are:

  • Pneumococcal (for children below 5 years of age)
  • Human Papillomavirus (HPV) (for females between 9 and 26 years of age)
  1. i) Cervarix
  2. ii) Gardasil (4-valent HPV vaccine)
  • Hepatitis B
  • Measles, Mumps and Rubella (MMR)
  • Tuberculosis (BCG)
  • Diphtheria, Pertussis & Tetanus (DTaP/Tdap)
  • Poliomyelitis
  • Haemophilus Influenza Type B (Hib)

Adults can also use their MediSave to offset the fees for vaccinations.

They include:

  • Influenza
  • Pneumococcal vaccinations
  • Human Papillomavirus (HPV) (for females between 9 and 26 years of age)
  1. i) Cervarix
  2. ii) Gardasil (4-valent HPV vaccine)
  • Hepatitis B vaccination
  • Measles, Mumps and Rubella (MMR)
  • Diphtheria, Pertussis & Tetanus (DTaP/Tdap)
  • Varicella Hospitalization Fees

6. Pay for LASIK Procedures

Always wanted to correct your eyesight and eliminate contact lenses and/or prescription glasses? You might have considered a LASIK procedure for its long-term benefits.

While MediSave usually cannot be used since it is a cosmetic treatment, you can still use it to defray costs, if you meet these criteria:

  • There is a difference of 300 degrees or more (3 diopters) between your two eyes
  • LASIK is done to rectify errors from previous treatments like a cataract surgery
  • Your doctor substantiates that you cannot tolerate contact lenses or spectacles.

It being a day treatment, you can claim up to S$300 daily for hospital expenses inclusive of a maximum of S$30 for your specialist’s charges.

7. Use Medisave to Upgrade Your ElderShield 

Regular Integrated Shield plans protect you against expensive hospitalization bills – but what happens after that? Some insurers may offer a brief period of coverage after you are discharged, subject to the fulfillment of particular terms, but only for the short-term.

How will you ensure financial stability to cover long-term care during your retirement?

Aimed at helping Singaporeans meet their long-term care needs, ElderShield is a national severe disability insurance scheme. In the event of serious disability, it gives basic financial protection to citizens who need long-term care, particularly in old age.

However, with monthly pay-outs of S$400 for 6 years, is your basic ElderShield coverage is enough to insure the length of your retirement?

The average Singaporean has an average life-expectancy of 84.8 years, and a retirement age of 62. This means that your regular ElderShield plan barely covers the minimum you need. 

Enhance your financial protection by upgrading your ElderShield plan and ensure that you have the monetary security when you need it most.

It costs a mere S$40++ a month and is 100% payable via your MediSave.

Boosting your plan offers you up to a 400% climb in cash allowance, lifetime coverage and a monthly allowance of up to S$5,000. It is a staggering increment of 1,150%.

Take charge of your future financial stability with minimal financial commitment today. Ride out your golden years as a successful, independent retiree! Check whether you are eligible for an upgrade here.

Your Turn

Now you have seen 7 practical ways to make use of your Medisave. So which one will you start first? Tell us in the comment section below!

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