Why do I still need to contribute to MediSave as a self-employed person even though I have already bought insurance for myself?
All working Singapore residents are required to contribute to their MediSave as a form of savings for their own and their loved ones’ healthcare needs.
Many Singaporeans have bought private hospital insurance plans in the form of Integrated Shield Plans, or IPs. IPs comprise of two parts – MediShield Life (MSL) which is a universal basic health insurance plan, and additional private insurance coverage. MediSave can be used to pay the premiums for both MSL and private insurance, up to the current withdrawal limit.
Hence, private medical insurance serves to complement rather than replace your MediSave savings.