In this 3 part series, I will reveal my CPF Account Balances and discuss with you my long term CPF strategies to help you achieve a more fulfilling retirement life.
Today, I will be talking about the CPF Medisave Account (MA) and how you can make it work better!
Do check out my other two videos for Ordinary Account (OA) and Special Account (SA)
CPF OA Reveal: [ Ссылка ]
CPF SA Reveal: [ Ссылка ]
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00:00 Introduction
00:38 About the Medisave Account
* Premium payments for hospitalisation insurance (MediShield Life & Integrated Shield Plans)
* Premium payments for long-term care insurance (ElderShield, ElderShield Supplements, CareShield Life, and CareShield Life supplements)
* Inpatient care when hospitalised for at least 8 hours
* Outpatient care
- For age 35 and below, 8% Allocation. (E.g. $3000 Gross Salary, $240 will go to MA)
- 4% annual interest
- Below 55 years old, extra 1% per annum on the first $60,000
- Extra interest (capped at $20,000 for OA)
- 55 years old and above, 2% per annum on the first $30,000, 1% per annum on the next $30,000
01:29 SELF EMPLOYED
- Required to annual MediSave contributions based on your work or business income as declared on your IRAS tax return.
Unlike employees, you are not required to make contributions to your CPF Ordinary Account or Special Account, although you may do so voluntarily.
01:50 Basic Healthcare Sum (BHS)
Limit on the amount of money that your MediSave account can hold.
Once the Basic Healthcare Sum is reached, any CPF amount that is allocated to your MediSave account will flow instead into your Special Account or Retirement Account.
The Basic Healthcare Sum is reviewed every year. However, when you reach the age of 65, the ceiling applicable to your own MediSave account will stay frozen and no longer change as you age.
2021 BHS: $63,000
02:27 How to top-up your Medisave
03:28 MA Reveal & Strategy
- MAX out as early as possible, for tax relief and retirement fund purposes
- Tax relief: Up to $37,740 of employee+voluntary contribution (Video)
- Once MA max, your CPF contributions for MA will flow to SA, helping you reach retirement sum faster and you can withdraw those funds above FRS.
- MA Interests, can be used to pay integrated shield plans, making it like free hospitalisation insurance
#CPF #CPFMA #Medisave
