MediSave Care came into effect on 1 October 2020, alongside CareShield Life, the national disability income insurance scheme.
While the latter gave policyholders a lifelong monthly payout in the event of severe disability, MediSave Care provides additional flexibility to cover long-term care costs.
Here’s what you need to know about this new scheme and the criteria you need to fulfill before you can withdraw your MediSave monies in cash on a monthly basis.
What Is MediSave Care And How Much Does It Allow You To Withdraw Each Month?
MediSave Care, also referred to as MediSave Withdrawals for Long-Term Care, allows Singaporeans and Permanent Residents (PRs) above the age of 30 who become severely disabled (defined as the inability to perform 3 of 6 Activities of Daily Living) to make monthly cash withdrawals of up to $200 from their own or their spouse’s MediSave account.
The scheme is jointly-administered by the CPF Board and Agency for Integrated Care (AIC).
To ensure adequacy for other medical needs, the amount you can withdraw each month depends on the size of your MediSave Account balances.
|MediSave Balance||Monthly Withdrawal Limit|
|$20,000 and above||$200|
|$15,000 and above||$150|
|$10,000 and above||$100|
|$5,000 and above||$50|
The above quantum is the maximum that can be withdrawn under MediSave Care, which means even if both spouses have $20,000 and above in their respective MediSave Accounts, the total withdrawal cannot exceed $200 per month.
While MediSave Care payouts can be seen as a complementary to the monthly cash payouts provided to severely disabled CareShield Life/ElderShield policyholders, one does not need to be a CareShield Life or ElderShield policyholder to be eligible for MediSave Care withdrawals.
How To Apply To Withdraw Funds Under MediSave Care
In order to apply to withdraw funds from your MediSave Account, you will need to ensure you are aged 30 and above and have sufficient funds in your MediSave Account.
You can then submit an application to the Agency for Integrated Care (AIC). If you have not been certified as being unable to perform 3 of 6 Activities of Daily Living by a Ministry of Health-accredited severe disability assessor, AIC can help you arrange for the assessment to be done.
Since MediSave Care shares the same criteria for severe disability as CareShield Life or ElderShield, you do not need to be re-assessed if you are already receiving payouts from those schemes.
Note that MediSave funds cannot be used to pay for the cost of the disability assessment, but the cost of the first assessment is waived, and the cost of subsequent assessments will be fully reimbursed if you are deemed to be severely disabled. The cost for the assessment is $100 if you visit the assessor’s clinic, and $250 if you want the assessor to visit your home.
MediSave Care is also open to those living overseas, so long as they meet the eligibility criteria outlined above.
What To Do If You Find That MediSave Care Withdrawals Are Insufficient
The introduction of MediSave Care is one additional option that Singaporeans and PRs can tap on to manage their care costs.
This is on top of existing disability insurance such as CareShield Life/ElderShield which provides risk-pooling and benefits to those who have been incapacitated, while other means-tested schemes give more targeted assistance, such as ElderFund, Home Caregiving Grant, MediFund, and ComCare.
You can approach AIC or a medical social worker for more information about all the help that is available to you.
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