12/02/2015

Changes at CPF that will affect your Medisave Savings

Below is a copy from the CPF website on Medisave Savings, Q&A. You may want to know the Basic Healthcare Sum which is the Medisave Contribution Ceiling sum.

Is there a ceiling on the Medisave balance?

 

Yes, the current Medisave Contribution Ceiling (MCC) is $48,500. The Medisave Contribution Ceiling keeps up with inflation so that Singaporeans will have sufficient savings to meet their healthcare expenses.
 
For members below 55 years old, any Medisave contribution in excess of MCC will be transferred to their Special Account and/or Ordinary Account (if their Special Account savings have reached the current Full CPF Retirement Sum).
 
For members 55 years old and above and who have not set aside Full Retirement Sum or Basic Retirement Sum (with sufficient property charge/pledge), the excess Medisave contributions will be transferred to their Retirement Account. For those who have set aside the applicable retirement sum, the excess Medisave contribution will be transferred to the Ordinary Account.
 
Government pensioners under the Fixed Amount on Ward Charges Scheme (FAW) do not need to have Medisave whereas pensioners under the Co-payment on Ward Charges scheme (CPW) need to contribute to Medisave for up to 30% of the current MCC.
 
The MCC will be renamed as the Basic Healthcare Sum (BHS) from 1 January 2016. The BHS is designed to be enough for a CPF member’s basic, subsidised healthcare needs in old age. Amounts above the BHS will be transferred to the member’s SA, RA or OA, similar to the MCC. 
 
The BHS will be set at $49,800 on 1 January 2016 for all CPF members. The BHS will be adjusted yearly in January to keep pace with the growth in Medisave use by the elderly. The BHS will be fixed when members turn 65, and this amount will not change for the rest of their lives. Therefore, all members aged 65 and above in 2016 will have the same BHS of $49,800 for the rest of their lives.  
 

72 comments:

Virgo 49 said...

RB, just last month BHS set at 43500.00.
Wef 01st jan 2016.

Those with excess can withdraw b4 this date.

Wah, increased again.

Anonymous said...

// The MCC will be renamed as the Basic Healthcare Sum (BHS) from 1 January 2016. ........ The BHS will be set at $49,800 on 1 January 2016 for all CPF members.//

$49,800 is almost $50,000.

SGD 50,000 = NTD 1.2 million

In Taiwan, NTD 1.2 million can buy a lot, a lot of healthcare ......

Is mai hum insulting Ma Ying Jeou and all taiwanese by saying for sinkies NTD 1.2 million is only basic Healthcare?

Basic means there is further intermediate and advanced Healthcare ......

Chua Chin Leng aka redbean said...

CPF Medisave and BHS is pay forward. You pay first before you got sick. You pay even if you are not sick. You pay for a life time and it is good for you, for your children and your parents.

agongkia said...

Not interested in whatever changes but l only know Medisave destroy many small time businessmen, causing them poorer, failure or broken families etc.
before medisave can benefit them.
I know there are those who may have to borrow from Ah Long annually just to pay up medisave in order to renew his licence for business yearly.
My khongcum neighbour 's business is failing but still hope and is confident to make it one day.
Profit for 1st few years does not mean one will profit yearly.If one is losing money he still have to pay up medisave to renew his license.
To help encourage entrepreneurship we should not link medisave to license renewal.

Anonymous said...

So far CANNOT think of anything good the 2nd generation leeders like GOH CHOK TONG, TONY TAN, MA BOW TAN had done for sinkies EXCEPT PILE on their hardships!

All these COE ( 1990 ) GST ( 1994 ), ERP ( 1990s ), property-hyper inflation ( 1990s ) all started during their reign!

Medisave is also another scheme hatched by Goh Chok Tong 's gang to milk/ monetise sinkies labour since 1965 but the real old guards such as GKS, TCC never get to benefit from the "harvesting".

Anonymous said...

Medisave is much worst than ordinary account.

Free money interest free ( for average about 50 years per sinkie ).

If YEW cannot touch the $$$ for 30 to 50 years, the interest rate promised for the medisave money is as good as no interest to GOH CHOK TONG's gahmen ( during his time ) and subsequent generations.

Anonymous said...

The interest rate every year on the medisave sum overflows to the special account once YEW hit the ceiling.

That magical "special" account morph into the dreaded "R" word account after sinkies turn 55.

So still cannot touch the $$$ for most till 65 .....

Anonymous said...

By 65, the retirement account sum is chopped into thousands of tiny pieces and give YEW back in bits and crumps essentially worst than bread crumps given the most expensive city "GOLD medal" ( albatross ) accolade hanging on GOH CHOK TONG'S neck ....... oops should be sinkies' necks.

Anonymous said...

The opposition parties must start to work on the CPF issue for the next GE. The WP was lost in defending the AHPETC accusation and allowed the PAP to set the agenda in the last GE.

Anonymous said...

So technically the medisave sum plus all the promised "interests" accrued is at the end of the Q of the few thousand tiny pieces of bread crumps waiting at YEWR tail end life say between 70+ to 80+ ......

Assuming YEW r an lowly educated kongcum like one gong kia and finished his education in his teens and therefore by 20 years old already contributing to medisave.

It implies all the $$$ put in every month is like into a bottomless pit in total darkness and moat of it will NOT see day light from 20-year old till about 80-year old when YEW died ( as a kong cum ).

Anonymous said...

Between 20 and 80 years old, most of the medisave sum and all the accrued interests are only on paper ...... which YEW are likely unable to touch statistically till death.

In case YEW kena "con" or "forced" to sign a "new" and "better" CPF "will" that transfer YEWR medisave and all the accrued interests to your offsprings account upon YEWR death, it may imply the monies are all on paper possibly for more than 100 years between YEW and YEWR offsprings alone.

If it is further rolled into your grandchildren medisave account, then YEW need to compute not in year or decades but errrrrrrr ....... centuries?

Anonymous said...

Due to ( time & health ) constraints, cannot write anymore le ......

RN, HHH wru?

Or RN number 2, 3, ......., n-2, n-1, n and HHH number 2, 3, ......., n-2, n-1, n, pls take over .......

Anonymous said...

No use lah .....

Sinkies typically won't act till game over .....

YEW c der pt?

agongkia said...

But CPF is a tax that all Sinkies need to pay.
Its our employer paying and Sinkies benefit without knowing.
Its our employers who are burden by the contribution and their money so Sinkies got nothing to lose.

Only if Garmen can be bit more considerate and flexible to our small time employers esp.on their self medisave contribution for license renewal, I find CPF is good for Sinkies and the best scheme.
Be grateful to our employers and Garmen.


Anonymous said...

Not happy ask china take over s'pore as 27th province. Complain so much for fuck?!?! Look at all the cheena kongcums, can retire at 50 and play chess & do taichi all day long.

Anonymous said...

When a khongcum opens his mouth, no need to announce khongcum is here.

Anonymous said...

" When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it. "
Frédéric Bastiat
https://en.wikiquote.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat

"What's wrong with collecting more money?"
Lee Kuan Yew
https://www.facebook.com/TheNewEraSingapore/posts/611369322249177

Who is more correct?

Anonymous said...

// Is there a ceiling on the Medisave balance? //


No bcos the ceiling is only technically speaking and the truth is that the percentage required to go into the medisave portion is still extracted from sinkies even when the so called "ceiling" sum is breached?

Then YEWR contribution needs to breach another ceiling called the minimum retirement sum in the special account.

Then when that is breached u need to breach another ceiling in the ordinary account where there is no ceiling to breach .....

=>

THERE IS NO CEILING AT ALL FOR MEDISAVE OR SPECIAL ACCOUNT?

Did the CPF Board get their Q & A answer portion correct?

Anonymous said...

Do you think SMRT creates value for Singaporeans or extracts value away from Singaporeans?
What about CPF?

Do you think CPF creates value for Singaporeans or does it extracts value out of Singaporeans?

Anonymous said...

National Income or Output can be summarised in a simple algebraic equation below for sinkies case:

Y = 1/{(1-c1)[C0 + I + ( G - T ) - FT - LS]}

The [( G - T ) - FT - LS ] portion as in the FT and LS is the ultimate ( killer ) DRAIN on sinkies?

Anonymous said...

National Income or Output can be summarised in a simple algebraic equation below for sinkies case:

Y = 1/{(1-c1)[C0 + I + ( G - T ) - FT - LS]}

The [( G - T ) - FT - LS ] portion as in the FT and LS is the ultimate ( killer ) DRAIN on sinkies?

Anonymous said...

Typo, curly brackets at wrong place.

Should be:

Y = {1/(1-c1)}[C0+I+(G-T)-FT-LS]

Anonymous said...

RN number 2, 3, ......., n-2, n-1, n and/ or HHH number 2, 3, ......., n-2, n-1, n, pls take over .......

Mee high fever today 40.3 degrees

But the truth need to be spoken no matter what ....?

Anonymous said...

Even in the sick bed ..... ?

Even if they are operating half way in the OT.....?

Even if they haven't finished sealing up the chest incision. ....?

Anonymous said...

Even in the sick bed ..... ?

Even if they are operating half way in the OT.....?

Even if they haven't finished sealing up the chest incision. ....?

Anonymous said...

// The BHS will be set at $49,800 on 1 January 2016 for all CPF members. //


With every increase, it is as good as sinkies income level has fallen.

In economics, it is measured in terms of what is called equivalent variation sinkies would encounter.

Compensated demand ( of sinkies ) suffers because of both decline in income and substitution effects as ( effective real ) healthcare costs escalate even more as inefficiencies built-up with a perceived swollen bigger sinkies tit tit to milk from the perspective of a healthcare provider, be it private or public ....?

Anonymous said...

For sinkies with stagnant pay ( in real terms), their uncompensated demand ( in economics terns ) falls as a result leading to a fall in total surplus of sinkies welfare.

Anonymous said...

Every increase means they are dipping into your CPF savings.

Anonymous said...

The latest round means less dip lah .....?

Last time every year increase $5,000. 2016 only $1,000 increase in BHS.

So Minister Gan in MOH has improved a lot liao lo .....

As compared to $8 cow ......?

$8 cow himself a self-glorified recipient of almost 100% taxpayer's subsidy for his heart bypass ......?

Anonymous said...

//The Medisave Contribution Ceiling keeps up with inflation so that Singaporeans will have sufficient savings to meet their healthcare expenses.//


Aiyo, CPF act blur ah ........

Headline inflation numbers including housing and private transport have been falling since beginning of year?

Many months in 2015 actually show negative leh ..... as trumpeted in the Shit Times?

So if have deflation shouldn't MCC or now BHS in 2016 oso keep pace with deflation and adjust downwards?

Anonymous said...

Where is the consistency?

Anonymous said...

Price up always quickly adjust up ....?

Anonymous said...

2015 many months inflation headline numbers including housing and private transport reflect negative growth .....?

Anonymous said...

2015 deflation instead of inflation?

Anonymous said...

=> prices down ....?

Anonymous said...

Do you think PAP creates value for Singaporeans or does PAP extract value out of Singaporeans to benefit Aliens & Traitors?
What do you think?

Anonymous said...

Halo, Lim Sia Say, u act blur ah .....?

CPF not under MOM?

MTI Limp Chow Khiang never update YEW?

Anonymous said...

Coordinating Botak doing what ahh .....?

Anonymous said...

How cum never coordinate between MOM Lim Sia Say and MTI LIMP CHOW KHIANG on the CPF deflation adjustment mechanism?

Anonymous said...

All tree act blur .....?

Anonymous said...

None of the above. .....?

Ha ha ha

Adam Smith already stated very clearly in 1776 that it is self-interest that leads to rational decisions among consumers, firms and gahmen?

Anonymous said...

But hu is hu?

Anonymous said...

Adam Smith never discuss or analyse about the roles played by political parties but gahmen per se?

Anonymous said...

Who look after whose interest in Adam Smith's 1776 book " An Inquiry into the Nature and Causes of Wealth of Nations " is not properly enunciated in terms of political affiliation in the aspect of self-interest in the roles played by gahmen and political parties?

Anonymous said...

Means RB magnus opus - " Redbean Soup" is not enough?

Anonymous said...

Typo ....

"magnus opus"

Should be "magnum opus"

Anonymous said...

Apologies. ... for the fat fingers ....

Or shivering fingers .....

Today very very cold, mee fever still above 40 degrees since morning .....

Anonymous said...

Anybolee free to get and pass over some panodal?

And oso 顺便 buy some plain porridge please along the way ?

No need buy 菜心罐 cos still have ..... thank u. Plain porridge will do ..... no strength go out buy .....

Anonymous said...

If fever so high, you better go see doctor.
Panadol no use.
Have to get the anal suppository for fever.
Very fast acting.
Really.

Is using anal suppository just like voting PAP?
Fucking ourselves in the arse?
Own self fuck own self.

Anonymous said...

Is there a case of envy?

Is there a need to envy?

Anonymous said...

Is there a need to be spiteful ?

Anonymous said...

// Is using anal suppository just like voting PAP?
Fucking ourselves in the arse?
Own self fuck own self. //

When Lao goa own self check own self, the 70% end up own self fart ownself?

Anonymous said...

//If fever so high, you better go see doctor.
Panadol no use.
Have to get the anal suppository for fever.
Very fast acting.
Really.//

Uncle, thank u for your concern and advice.

Now feel better liao.

Morning and afternoon got take some fever syrup leftover in the fridge.

No worries.

Check already. Haven expired!

Anonymous said...

Call a doctor right away if:
--------------------------------
A fever lasts longer than 48 to 72 hours in older children and adults.

Anyone has a fever over 40.5°C, unless it comes down readily with treatment and the person is comfortable.

There are other worrisome symptoms.
For example, irritability, confusion, difficulty breathing, stiff neck, inability to move an arm or leg, or first-time seizure.

SOURCE:
http://www.mccabespharmacy.com/fevers-high-temperature/

Go see a doctor
Google for "rectal suppository for high fevers" if you don't believe me.
Any fever more than 40.5 celsius is dangerous.
You mistake my concern for spite and envy.

Anonymous said...

Uncle, thank u very much for your timely information :))))

Anonymous said...

// The Medisave Contribution Ceiling keeps up with inflation so that Singaporeans will have sufficient savings to meet their healthcare expenses.//

In economics, it is commercially known that when some consumers are "well-protected", it results in "hidden actions". What does that mean?

Anonymous said...

It means a likely development of a permanent "vicious cycle" .......

Anonymous said...

Most people are aware too much of almost everything is no good .....

Anonymous said...

$8 cow is a good example which resulted in his sudden bypass surgery.

Anonymous said...

Wanting to protect his joints, he "over-consumed" calcium supplements, according to his own explanation for his heart arteries condition.

Anonymous said...

The point is the action of a gahmen over setting aside monies for healthcare needs itself would not lead better healthcare. ....

Anonymous said...

Typo:

"would not lead better healthcare. ...."

Should be "would not lead to better healthcare. ...."

Anonymous said...

Why?

Anonymous said...

Take for example someone who over smoked or a serial smokers who has lung cancer ......

Setting aside more money in the medisave for his old age would not make his lung cancer ( health ) better by doing so ( set aside more $$$ ) ......

In fact, for a society as a whole, doing so ( setting aside more $$$ ) probably makes it WORST!

Anonymous said...

No?

Just be diligent and visit a sampling of 5 coffeshops in each housing estate between say 7pm to 10.30 pm .....

On some tables, what do YEW see?

Anonymous said...

YEW r right!

Crates after crates of beer bottles ( empty ones, ha ha ha ) .....

On some nights, if YEW have patience and buy a few drinks ( hot drinks lah ) and observe for a few hours, some uncles drink as much as more than 6 to 8 bottles per person on the same night ......

Anonymous said...

Assuming the patrons are 30 to 50 years old, another 15+ to 25+ years they likely will be in similar conditions with many patients whom are in hospital for heart related conditions.

YEW can see such patients everyday. .......

So what should the gahmen do to minimise such occurrences ( and healthcare needs )?

By increasing the MCC ( medisave contribution ceiling ) or BHS ( basic healthcare sum )?

Likely it will make the problem WORST!

Why?

Anonymous said...

In the insurance markets, it is known as "Moral Hazard" ......

Anonymous said...

Solving healthcare problems, universally there are three general financial approaches :

1) Cash-based financing ( including medisave in sinkieland case )

2) Insurance-based financing ( including medishield, eldershield in sinkieland case previously but superseded by medishield life )

3) Tax-based financing ( including subsidies in sinkieland case )

Anonymous said...

Moral Hazard refers to the possibility of an informed party taking the "wrong" action .....

In the above coffeeshop uncles alcohol over consumption example and the future healthcare problems, the two most vested stakeholders are the uncles themselves and the healthcare system in our society ( the gahmen ).

Now here comes the interesting part. Three "simple" questions as far as the provision of future healthcare is concerned assuming the uncles are still "healthy" at present:
1) What is the possible moral hazard in the present medisave and other healthcare arrangements between those drinking uncles and the gahmen?

2) Under such arrangements, who are the "informed" parties?

3) Who are the "uninformed" parties?

Anonymous said...

Before the answers are provided, can anybolee or oldies or IBs or kong cum or mati or resident donkey give a go at the 3 "simple" questions?

Anonymous said...

CPF becoming Changi Prison Fund. All the money locked up under life imprisonment.