Some updates on recent and upcoming changes to Medisave and CPF Minimum Sum.
CPF Minimum Sum
The CPF Minimum sum will be raised from $106k to $117k from 1st July 2009. This is the amount of money you need to set aside in your combined CPF OA and SA balance before you can withdraw the rest at 55.
The CPF Minimum sum will continue to increase every year to keep pace with inflation.
Medisave Minimum Sum
The Medisave Minimum sum (MMS) will be increased to $32k from $29.5k from 1st July 2009 in view of higher hospitalisation bills. Members can withdraw Medisave savings in excess of the MMS at age 55.
The maximum amount possible in Medisave will be increased to $37k. Any surplus will go into the SA if you are below age 55 or to your Retirement Account if you are above age 55 and have a Minimum Sum shortfall.
Medisave Withdrawal Limits for Surgical Treatment
Previously, the Medisave withdrawal limits for surgical operations were $150 for Table 1A to $5,000 for Table 7C.
Under the revised (increased) withdrawal limits that has taken effect from 1st June 2009:, patients can withdraw between S$250 and S$7,550 for surgical operations.
How do i withdraw the medisave in excess when i reach 55?Reply