What benefits do self-employed persons enjoy from making MediSave contributions?
When you contribute to MediSave, you enjoy:
- Up to 6% interest per annum on your MediSave savings
- Self-employed tax relief on your MediSave or CPF contributions, if eligible. No tax relief is given if your assessed NTI for the year of assessment is zero or negative
- Use of MediSave savings to pay for medical expenses and healthcare insurance
- Hassle-free licence application and renewal
You may also qualify for Workfare Income Supplement scheme for lower-wage workers.
This information is sourced from CPF
Related questions
I do not have outstanding MediSave payable as a self-employed person. Can I make MediSave contributions to offset my future payables?
I have made a voluntary top-up to my CPF accounts, why does the voluntary contribution allocated to my MediSave account not offset my MediSave payable?
Can I enjoy tax relief as a self-employed person when I contribute to my MediSave Account to offset my outstanding MediSave payable, pre-pay my future MediSave payable or make voluntary top-ups to my CPF accounts?
How do regular MediSave co-contributions received under the Drive and Save Scheme benefit me?
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