As our population ages, new government initiatives have been rolled out to address the growing need for healthcare.
As of 1 October 2020, two long-term care support schemes have been launched: CareShield Life and MediSave Care.
While much has been covered for CareShield Life and its differences from Eldershield, there is little known about MediSave Care.
Here’s a quick guide to what MediSave Care is all about, and how it can help with our long-term care needs!
What is MediSave Care?
Similar to schemes like Careshield Life and Elderfund, MediSave Care, also known as MediSave Withdrawals for Long-Term Care, is a long-term care financing scheme that allows cash withdrawals from MediSave accounts for long-term care needs.
Depending on the MediSave balance amount, Singapore Residents aged 30 and above who are severely disabled will be able to withdraw up to $200/month.
Withdrawals can be made from their own and/or their spouses’ MediSave Accounts to meet their financial needs.