Ensuring adequate healthcare coverage can help you avoid stressful financial liabilities and live worry-free well into retirement. Get to know your options, so you can better plan your finances to meet your healthcare and lifestyle needs.
Using MediSave for your healthcare expenses
The MediSave savings you have accumulated can be used to pay for your own or your loved ones' healthcare expenses throughout your lifetime, even after you retire.
Using MediShield Life for large medical bills
Regardless of your age or health condition, you are protected against large medical bills under MediShield Life. It is generally sufficient for subsidised treatment in a public hospital.
Reviewing your healthcare coverage
If you have additional private healthcare insurance, review your coverage by considering your needs and the long-term affordability of the premiums as they increase substantially with age.
Planning your health insurance in Singapore
Looking for pointers on reviewing your healthcare coverage? Follow Darshini from CPF Board's Healthcare Planning Department and Master Trainer Ferris from the Institute for Financial Literacy, to get you started.
Here's how others are making the most of their CPF for their healthcare needs
"I was diagnosed with Type 1 Diabetes and was unable to earn an income. However, I could use MediSave to pay for my CareShield Life premiums due to the auto-enrolment, giving me peace of mind."
- Raphael Kang, 33, Financial Services
"We used MediSave to pay for our MediShield premiums, and these schemes reduce the burden of using our own cash to pay for medical fees."
- Teh Hock Soon, 61, Accountant (Semi-retired)
Start planning today
With your healthcare coverage in check, you can start planning for your finances to meet your lifestyle needs. Use this planner to help you set a goal and project whether your CPF savings will be enough to meet your desired retirement income.
Speak to an Institute for Financial Literacy Trainer
Staying prepared for healthcare expenses can provide financial assurance for you and your loved ones. Speak to a trainer from the Institute for Financial Literacy (IFL), MoneySense's ground outreach arm, to know more about your healthcare expenses and coverage.