Why is the withdrawal based on my MediSave account’s balance? Why not withdraw from my Ordinary or Special Account?
The Central Provident Fund (CPF) is a social security system that allows members to set aside savings for retirement. The Ordinary Account is for housing, insurance, investment and education purposes. The Special Account is for retirement income and retirement-related investments.
The MediSave Account is used for healthcare purposes, such as paying for hospitalisation expenses, approved outpatient medical care and approved medical insurance premiums.
Related questions
Can I transfer my CPF funds either from Special or Ordinary Accounts, into my MediSave Account so that I can withdraw under the MediSave Care scheme?
What is MediSave?
Why is the withdrawal quantum under MediSave Care based on my MediSave account's balance?
If there are insufficient funds in my MediSave, can I use my Ordinary/Special Account monies to pay for my CareShield Life premiums?
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