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:
- From $800 to $1,000 for those aged 66 to 75 (based on age next birthday);
- From $1,000 to $1,200 for those aged 76 to 80 (based on age next birthday); and
- From $1,200 to $1,400 for those aged 81 and above (based on age next birthday).
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.