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...