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.

Similarity
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Amount in excess of the ‘required amount to be set aside’ can be withdrawn (age 55 & above)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…