When one of my parents went down with some problems last year, some monetary problems happen.
The CPF Medisave got depleted, till the point that the account cannot pay the Medishield Life annual premium.
This becomes a problem to continue treatment as it may jack up some of the hospitalization costs without the health insurance.
That is when I dove in to study more about how we can go about paying the Medishield Life with my CPF and whether I can get some incentives in the process.
In this way, while I eventually pay for the premiums, I gain some tax advantages.
The Problem Here
- Your parent’s CPF Medisave is low. Due to that, they are unable to pay the Medishield Life annual insurance premiums
- You would like to see whether you can enjoy some tax relief while helping out your parents
Both problems can be solved, but it is …