11 Nov 2019

SOURCE: CPF Board

All Singaporeans have one thing in common — we all own a MediSave account. While many believe that this is usually restricted to hospitalisation bills and ma​jor medical illnesses, there are actually several other ways that you can use these funds to help ease the burden of health-related issues that crop up during your lifetime. 

Here are 6 lesser-known ways that your MediSave can be used to help smoothen your journey through various life stages.

1. For Starting a Family: Assisted Conception Procedures 

For most parents-to-be, pressing financial concerns include delivery charges and postnatal care for mother and baby. But for Jeremy and Lillian Tan, their worry was not being able to conceive in the first place. 

After months of unsuccessful attempts and medical consultations, they were advised to try assisted conception procedures, such as IVF. 

Cost was a major concern, as fertility treatments are often expensive and have varied success rates — sometimes, success only comes after several rounds of treatments. 

The option to use MediSave to help finance the treatments made a significant impact, as it meant they did not have to give up hopes of starting a family. 

Here's how MediSave can help fund Assisted Conception Proce​dures:

Up to $15,000 per patient to pay for Assisted Conception Procedures, which may include treatments such as IVF, in the following amounts:

• $6,000 for the first cycle,
• $5,000 for the second cycle,
  
• $4,000 for all subsequent cycles

2. For Women Entering Their 50s: Mammogram Screenings

When Madam Lim turned 50, her doctor recommended that she should undergo a mammogram scan as it would be useful in detecting breast tumours in women over 50.

The good news was that she didn't have to fork out a single cent for the mammogram.

Each mammogram scan costs about $50 for Singapore citizens, and the cost can be covered under the MediSave500/700 lim​it. 

Here's how MediSave can help cover the cost of mammograms:

Up to $500 per year per account under the MediSave500 ​limit​, where members can use the amount for approved outpatient treatments for themselves or their dependents, such as approved chronic diseases like diabetes, vaccinations, etc.  From 1 January 2021, patients with complex chronic conditions will be able to use up to $700 per patient yearly for outpatient treatments, under the MediSave700 limit​.

Here's how MediSave can help cover the cost of mammograms:

Up to $500 per year per account under the MediSave500 limit, where members can use the amount for approved outpatient treatments for themselves or their dependents, such as approved chronic diseases like diabetes, vaccinations, etc.

3. For the Elderly: Flexi-MediSave for those aged 60 and above

Having just retired earlier this year, Mdm Hani was looking forward to enjoying her free time with friends and family.

Although she did her best to keep healthy with a balanced diet and regular exercise, like everyone else, she came down with common colds and coughs sometimes.

As she had just turned 60, she was able to tap on Flexi-MediSave ​for up to $200 per year to pay for her outpatient medical treatments at polyclinics and CHAS GPs, a welcome option as she did not have to dip into her retirement savings.

With our higher life expectancy today, there’s a greater need to plan for an increase in healthcare costs in old age, where health issues may crop up more often. Hence, knowing the various uses of MediSave and how to maximise our CPF for healthcare needs is an important step in planning our healthcare finances!

Here's how Flexi-MediSave can help reduce medical costs for those 60 and above:

Those 60 and above can use their MediSave or their spouse's MediSave for outpatient treatments at Specialist Outpatient Clinics and polyclinics in the public sector, and GP clinics under the Community Health Assist Scheme (CHAS). Flexi-MediSave:

• covers consultation fees, selected tests and drugs, and other services such as physiotherapy, if ordered by the doctor for diagnosis or treatment of medical condition
• can be used on top of existing outpatient uses of MediSave (e.g. if the treatment is for a chronic condition, Flexi-MediSave can be used to pay the remaining bill amount after tapping on MediSave for chronic disease treatment)
• can be used up to a limit of $200/year per patient

4. For Rehabilitation: Post-hospitalisation recovery 

At 69, a fractured foot was more than just a painful nuisance for Mr Tay – the retiree had to manage additional monthly expenses in the form of rehabilitation sessions, doctor visits, medication and more.

Furthermore, his age meant that his recovery was slower than someone younger (and a longer rehabilitation period meant a more expensive recovery).

In order to reduce his medical expenses every month, he decided to pay for part of his costs using his MediSave.

Here's how MediSave can help offset total recovery costs:

Those undergoing rehabilitation can utilise their MediSave funds up to these limits:

• $250/day, up to $5,000/year for inpatient rehab at a community hospital
• $25/day, up to $1,500/year for outpatient rehab at a day rehabilitation centre

5. For Major Illnesses: Repeated treatments

When Mrs Bala was diagnosed with kidney failure a year ago, she was more concerned about her family than anything else — relying on her husband's income alone meant that their family, including two young children, had to make significant changes to their lifestyles.  

Not only that, the medical bills quickly added up: She was forking out a significant sum each month on regular check-ups, renal dialysis sessions, medication and everything else she needed in order to manage her condition.

The option to dip into her MediSave funds to pay for her renal dialysis treatments made a huge difference, as it was one less expense to worry about each month.

Here's how MediSave can help soften the financial impact of major illnesses: 

 Those undergoing repeated treatments for major illnesses can pay for it using their MediSave in the following ways:

• $450/month per patient for renal dialysis
• $1,200 per month per patient for Chemotherapy

• $80 - $2,800 per treatment depending on type of radiotherapy treatment.

• $600/year per patient for diagnostics related to neoplasm treatment including MRI/CT scans and tests (i.e. for cancer-related scans)
• $600/weekly cycle, up to $2,400/year on outpatient intravenous antibiotic treatment

6. For Diagnosis: Medical scans

When Sally first experienced a sharp pain in her lower back, she brushed it off as a random occurrence. However, when the pain continued to persist after two months, she decided to visit a doctor, just in case. 

Although she was relatively young in her mid-20's and had no other major symptoms, her doctor recommended undergoing a medical scan so as to arrive at a more accurate diagnosis.  

As a fresh graduate who had just started work a year ago, the option to use her MediSave to help pay for the scans made a significant difference to her financial well-being, while she tended to her physical health.

Here's how MediSave can help to cover the costs of medical scans:

Those undergoing medical scans can utilise their MediSave funds up to the following limit:

• $300/year per patient for medical scans, such as non-cancer related CT or MRI scans
  
  

Check out more ways to tap on your MediSave below:

All scenarios depicted are fictional. Any resemblance to any persons, living or dead, is purely coincidental.

Information updated as at 18/3/2021