Today’s post will be on the new Medisave Sum, aka: Basic Healthcare Sum (BHS).
We will be sharing about the difference between the 2 schemes.
The current scheme “Medisave Minimum Sum (MMS)”, will be replaced by the new scheme “Basic Healthcare Sum (BHS)”.
We briefly summarised the similarity and difference between the 2 schemes.
|Contribution rates into Medisave Account remains the same as before|
|Increases almost every year, and will continue to increase in the future|
|Amount in excess of the ‘required amount to be set aside’ can be withdrawn (age 55 & above)|
|Amount in excess of the ‘required amount to be set aside’ will be transferred to SA or OA*|
*Excess money will be transferred to OA instead of SA if SA has meet the prevailing Retirement Sum…