Insurance
Careshield Life Premium Deduction Allows Me To Top Up CPF Medisave for tax relief
By Heartland Boy  •  October 24, 2021
Earlier on this year, I was proud to cross a mini CPF milestone when my MediSave (‘MA’) finally reached the Basic Healthcare Sum (‘BHS’). As I continue to stay gainfully employed, subsequent mandatory contributions meant to be funnelled towards MA were automatically deposited into the Special Account (‘SA’) instead. Achieving this mini CPF milestone also means that I can no longer depend on using cash to top up my CPF MA for tax relief, or except when deductions to the MA occur. Such an opportunity did arise when a CareShield Life premium deduction from my MediSave allowed me to top up CPF MediSave for tax relief. CARESHIELD LIFE PREMIUM DEDUCTION In all honesty, I was only alerted to a deduction of CareShield Life’s premium from my CPF MA when I chanced upon a member’s notification in Seedly’s Facebook Channel. As shown in Diagram...
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By Heartland Boy
Heartland Boy is a young working adult who pretends to be competent in the real estate industry despite graduating with only a Business Management degree. Outside of work, he analyses stocks, reits and property for investment to build passive income. He is also a stickler for all things that represent value-for-money.
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