The Medisave withdrawal limits that can be used for the paying of the premiums for Medishield or the private Medishield integrated plans will be raised for the elderly (age 66 and above) starting from 1 November 2013.
The new limits are as follows:
Essentially, what this means is that the insured elderly (or their dependents if they are paying) can use $200 more of their Medisave to pay for the insurance premiums.
I expect further changes across the board once the premiums of the new Medishield Life has been finalized.
All if not a major part of the medisave account will be wiped out over time benefiting the insurers and the government and only a few ie. very few of the insured. A very unfair scheme.
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