The basic healthcare sum (BHS) will increased from S$60,000 in 2020 to S$63,000 in 2021. This means that I have to prepare S$3,000 in cash to top up my MediSave Account (MA) in January 2021.
If you do not know what is the Basic Healthcare Sum (BHS), it is the estimated savings you need in your MediSave Account for your basic subsidised healthcare needs in old age.
If you are below the age of 65, the Basic Healthcare Sum (BHS) will be adjusted annually to keep pace with the expected growth in MediSave use by the elderly. Once you reach the age of 65, their Basic Healthcare Sum (BHS) will be fixed for the rest of your live.
With the increase in limit for the basic healthcare sum (BHS), we can take the opportunity to top up our MediSave Account (MA) using cash....