After the latest contributions for Dec 22 salary and interests, my CPF Medisave account balance is as follows: I just contributed $1,820.10 to my CPF Medisave account using eNETs (to be discontinued in Apr 2023) which will take one day for the amount to be credited to CPF. I tried using PayNow but was hit by a $1k limit which will take 12 hours to effect limit change. The benefit of using Paynow is to credit the monies to CPF almost instantanteously. This irreversible action will max out my MA at the basic healthcare sum of $68,500 for 2023. Let me share the 3 reasons why I did so.

1. Tax Relief

The first and foremost motivation is to enjoy tax relief for the amount I contributed to CPF Medisave Account. I would rather pay cold hard cash into my own illiquid vault which can be used to pay for insurance premiums as well as...