Basic Healthcare Sum (BHS) 2024

Basic Healthcare Sum (CPF Board)
Source: CPF Board

What is Basic Healthcare Sum (BHS) in 2024? From 1 January 2024, the Basic Healthcare Sum (BHS) will be raised from the current S$68,500 to S$71,500 for CPF members below 65 years old. The Basic Healthcare Sum (BHS) will be fixed at S$71,500 for members turning 65 years old in 2024.

What is Basic Healthcare Sum (BHS)? The Basic Healthcare Sum (BHS) is the estimated savings required for basic subsidised healthcare needs in old age. The BHS is adjusted yearly for members below age 65 to keep pace with the growth in MediSave use. Once members reach age 65, their BHS will be fixed for the rest of their lives.

What does it mean to me? If you have hit the MediSave Account (MA) upper limit of S$68,500 in 2023, there will be a gap of S$3,000 (S$71,500 minus S$68,500) whereby you can top up in cash to reach the upper limit of S$71,500 in 2024.

Why top up your MediSave Account? Below are the CPF interest rates from 1st January 2024 to 31st March 2024. As you can see, the interest rates are very attractive across the different accounts.

Ordinary AccountSpecial and MediSave AccountRetirement Account
Interest Rate2.5%4.08%4.08%

For CPF members below 55 years old, you earn an extra 1% interest on the first $60,000 of your combined CPF balances.

CPF members aged 55 and above earn an extra 2% interest on the first $30,000 of the combined CPF balances, and an extra 1% on the next $30,000.

As you can see from the illustration from CPF board, the idea of topping up your MediSave Account in cash to meet the Basic Healthcare Sum in 2024 is to channel the monthly wage CPF contribution to Special Account so that you can meet your Full Retirement Sum (FRS) sooner if you have not. If your Special Account has reached the prevailing Full Retirement Sum (FRS), then the contribution will be channelled to your Ordinary Account (OA).

Tax Relief for MediSave top ups? In 2021, voluntary contribution (VC) to MediSave account (MA) was treated separately from the annual contribution limit of $37,740 per person. This means that you can claim tax relief for your voluntary contribution to your Medisave account.


What’s The Maximum Amount You Can Contribute To Your CPF Accounts Each Year? – Dollars and Sense, 27 November 2023

What is the minimum balance that I need to set aside in my MediSave Account? – CPF Board, 24 December 2023

Do I get tax relief for my voluntary top-up to my or my loved ones’ MediSave Account? – CPF Board, 24 December 2023

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