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CPF News – $63,000 Basic Healthcare Sum For 2021
By Turtle Investor  •  November 27, 2020
It has been called so many names. And yes, some people still refer to it as CPF Medisave Limit or Medisave Cap Limit. A short history lesson : In its previous iteration, the official name was Medisave Contribution Ceiling (MCC) but on 1st January 2016, MCC has been renamed as Basic Healthcare Sum. So, what is it really? What is the Medisave Minimum Sum? (Historical Info) Many years ago, the Medisave Minimum Sum (MMS) is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums. Medisave Minimum Sum is the minimum amount needed in one’s Medisave account before he is able to withdraw other Central Provident Fund monies from age 55. It was removed in January 2016. What is the Medisave Contribution Ceiling? (Historical Info) Instead of the minimum amount mentioned...
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By Turtle Investor
Hello there! I am Kevin and the author behind the Turtle Investor blog. At age 37, I hit CPF Full Retirement Sum (FRS) of $176,000 on the last day of 2019, twelve years after graduating from university. I am married and owns a 4-room apartment. I continue to be gainfully employed to build up my portfolio and provide my loved ones with better lives. Leaving everything behind and transitioning to a digital nomad life in Bali remains an option but not something that I’m actively pursuing now 🙂
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