In his painfully slow journey towards financial freedom, Heartland Boy has made plenty of mistakes. The only saving grace is that he is still young and so has time to unwind some of his mistakes. One of the mistakes that he made was not realizing the wonders of making a voluntary contribution to the Central Provident Fund (‘CPF’) Medisave Account. It is something that he should have prioritised over the Retirement Sum Topping Up scheme(‘RSTU’). Both are examples of CPF schemes that allow a member to contribute to their CPF Accounts. However, making voluntary cash top up to the CPF Medisave Account (‘MA’) is materially different from the RSTU. Here is a detailed explanation of the CPF Medisave Account and the pros and cons of making a voluntary contribution to MA.

What Is CPF Medisave Account

According to the definition from CPF Board, Medisave is a national scheme which helps …