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Medisave
Medisave is a national medical savings account system in Singapore, introduced in April 1984. The contribution is mandatory and taken from the monthly Central Provident Fund (CPF) contribution. The system allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses. Under this system, Singaporean employees contributes depending on age group, 6.5–9.0% of their monthly salaries to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and their immediate family members. See also * Healthcare in Singapore Healthcare in Singapore is under the purview of the Ministry of Health (Singapore), Ministry of Health of the Government of Singapore. It mainly consists of a government-run Publicly funded health care, publicly funded Universal health care, un ... References External links MediSave {{Singapore- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Provident Fund
The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, education and housing needs in Singapore. The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best within in Asia and 7th worldwide in 2020. CPF monies are used by the CPF Board to invest in the exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), with the proceeds from these transactions going into the past reserves. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medical Savings Account
A medical savings account (MSA) is an account into which tax-deferred amounts from income can be deposited. The amounts are often called contributions and may be made by a worker, an employer, or both, depending on a country's laws. The money in such accounts is to be used to pay for medical expenses. Withdrawals from the account often called distributions, if made for that reason, may or may not be subject to income tax. Withdrawals without adequate documentation of use for medical expenses are subject to penalties. In China In December 1994, the China began a pilot study of medical savings accounts in the cities of Zhenjiang and Jiujiang. China has planned to expand the program. In Singapore Medisave was introduced in April 1984 as a national medical savings system in Singapore. It allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses. Under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Healthcare In Singapore
Healthcare in Singapore is under the purview of the Ministry of Health of the Government of Singapore. It mainly consists of a government-run publicly funded universal healthcare system as well as a significant private healthcare sector. Financing of healthcare costs is done through a mixture of direct government subsidies, compulsory comprehensive savings, a national healthcare insurance, and cost sharing. The Singaporean public health insurance system is based on programs run by the Central Provident Fund, primarily Medisave, a mandatory medical savings account scheme. All working citizens and permanent residents are obligated to set aside a portion of their income into Medisave accounts, which they can draw upon to pay their own medical bills and those of their immediate family. The Central Provident Fund also manages the MediShield and MediFund insurance schemes, which cover people with insufficient savings or those who have depleted their savings. In addition, the gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South China Sea to the east, and the Straits of Johor to the north. The country's territory is composed of one main island, 63 satellite islands and islets, and one outlying islet; the combined area of these has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the third highest population density in the world. With a multicultural population and recognising the need to respect cultural identities of the major ethnic groups within the nation, Singapore has four official languages: English, Malay, Mandarin, and Tamil. English is the lingua franca and numerous public services are available only i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
