I just contributed $300 to my CPF Medisave account.
This is after realising that MediShield premiums have been deducted from my Medisave account recently.
After the deduction, my Medisave account falls short of the Basic Healthcare Sum of $66k, which is the maximum amount of money anyone can have in their Medisave account for 2022.
To be convinced that I can perform voluntary top-up to my Medisave account, I did the following based on an FAQ on CPF website.
Unsurprisingly, the amount I could top up is exactly the premiums deducted for MediShield Life.
Then I proceed to make a voluntary top-up. There it goes.
This is an irreversible and tax deductible action.
The tax relief for Medisave voluntary Top-Up and Retirement Sum Top-Up (RSTU) have a combined cap at $8k.
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