facebookDoes anyone have any Medisave "hacks"? - Seedly

Anonymous

30 Jun 2019

CPF

Does anyone have any Medisave "hacks"?

Some financial planners claimed that it is better to upgrade ElderShield and Integrated Shield to private hospital since CPF Medisave has limited usability and has caps for the uses. Hence they feel it is better to use it to pay for all the premiums. So, it is true?

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If you top MA up to the Basic Healthcare Sum(BHS), all excess amounts would flow over to SA till FRS, then to OA. As such, some people advocated the topping up of Medisave to BHS on 1st Janurary every year so that the subsequent medisave contributions would flow to SA

One “hack” would be to maximise it to bhs limit to get the guaranteed interest.. then use it for your premiums, but quickly TOP up the premium used with cash which can help you to offset your assessable income for income taxes...

Elijah Lee

28 Jun 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Firstly, we must understand that the payouts from Eldershield (ES) and Medishield Life (MSL) are goi...

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