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Tag: Medisave Account

Our Central Provident Fund (CPF) consists of three accounts. They are Ordinary Account, Special Account and Medisave account. My Sweet Retirement blog posts related to Medisave Account.

Basic Healthcare Sum is 60K in 2020

December 11, 2019May 9, 2020 My Sweet Retirement 2 Comments

Basic Healthcare Sum is 60K in 2020

If you didn’t know yet, the basic healthcare sum (BHS) will increased from S$57,200 in 2019 to S$60,000 in 2020. This means that I have to prepare S$2,800 in cash to top up my Medisave Account (MA) in January 2020.

Based on information from the CPF website, monies in the Medisave Account (MA) and Special Account (SA) earns up up to 5% interest rate per annum. Monies in the Ordinary Account (OA) earns up to 3.5% interest per annum.

With the increase in limit for the basic healthcare sum (BHS), we can take the opportunity to top up our Medisave Account (MA) using cash.

There are several benefits of hitting the limit (S$60,000) of your Medisave Account:

  1. Tax rebates if you use cash to top up your Medisave Account (MA).
  2. When you have max out your Medisave Account (MA), your monthly CPF contribution from your salary and employer gets overflown over to your Special Account (SA). The Special Account (SA) earns you a higher interest of 5% per annum. If your Special account (SA) have met the Full Retirement Sum (FRS), the monies will overflow to your Ordinary Account (OA) which earns you a 3.5% interest rate per annum.

So for those that will be receiving your 13th month bonus or Annual Wage Supplement (AWS), do prepare to set aside S$2,800 if you are planning to top up your Medisave Account (MA).

My Sweet Retirement Tops Up Medisave Account Using Cash

January 7, 2019January 7, 2019 My Sweet Retirement 2 Comments

My Sweet Retirement Tops Up Medisave Account Using Cash

If you didn’t know yet, the basic healthcare sum (BHS) has increased from S$54,500 in 2018 to S$57,200 in 2019. Based on information from the CPF website, monies in the Medisave Account (MA) and Special Account (SA) earns up up to 5% interest rate per annum. Monies in the Ordinary Account (OA) earns up to 3.5% interest per annum.

With the increase in limit for the basic healthcare sum (BHS), we can take the opportunity to top up our Medisave Account (MA) using cash.

There are several benefits of hitting the current limit (S$57,200) of your Medisave Account:

  1. Tax rebates if you use cash to top up your Medisave Account (MA).
  2. When you have max out your Medisave Account (MA), your monthly CPF contribution from your salary and employer gets overflown over to your Special Account (SA). The Special Account (SA) earns you a higher interest of 5% per annum. If your Special account (SA) have met the Full Retirement Sum (FRS), the monies will overflow to your Ordinary Account (OA) which earns you a 3.5% interest rate per annum.

If you do not know how to top up your Medisave Account using cash, below is a step by step pictorial guide on how to top up your Medisave Account (SA) using cash via eNets. Read More

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