As long as one is employed, one continues to contribute to CPFMedisave for as long as one is alive. For self employed, they will have to continue contributing to Medisave even at 100 years or more under the present rules. What is the logic of contributing endlessly when CPF savings can be withdrawn progressively after 55?
The other point is the bottomless limit of Medisave Minimum Sum to be retained, increasing annually. There is a point in life when living is a matter of diminishing returns. There is a point in life when there is no point to perpetuate life when the cost of keeping one alive is unsustainable and for no benefits. When one has lived to a ripe old age, when the legs and hands no longer move, or could barely move, when the body no longer feels, when keeping the body alive is so expensive, living or being alive is suffering, what is the point of having a lot of money in the Medisave when in such a state?
For the rich, when money is not an issue, it is ok. To many, when money is a big issue, it is not ok. Should the govt pass legislation to hold back the people’s savings after 75, 80 or more, so that the money can be used for expensive medical bills while the owner of the money could no longer enjoy even simple food, see nor hear?
There must be a point in time when money is no longer useful, when being kept alive is meaningless. Money is useful when one can still enjoy them, having a good meal, a drink, or moving around, still able to feel the senses.
The legislation must be changed to stop CPF from taking the people’s money after a certain age. A self employed person at 60 is in a much better financial position than one that is unemployed and drawing down on his CPF savings. When one is eligible to withdraw the CPF savings, that should be the age for those who are still economically active to be spared the burden of contributing to Medisave. Their incomes are more valuable when they are young, (not counting wasteful inflation) than when they are no longer physically able.
Savings for Medisave after the CPF withdrawal age must be voluntary. After 55/62, CPF or Medisave contribution must no longer be compulsory but voluntary. Otherwise it is like extorting the old folks, to withhold their money to fatten the nation’s reserves, and which they are unlikely to use them. It is another way of robbing them to pay the hospitals, against their wish when they are mentally unable to decide for themselves.
After certain age, the people must have the right to decide if they want to waste their money to pay the expensive hospital bills. Maybe some are hoping that once the oldies hit dementia, unsound mind, let other people decide on how to spend their huge savings in the Medisave.
It is time the govt review the CPF/Medisave Contributions for the old folks. Stop bullying them and taking their money against their wills.