The MediSave withdrawal of $200 is significantly lower than the CareShield Life payout. Can I withdraw more as $200 a month is insufficient to cover long-term care needs?
Due to the personal savings nature of MediSave, there are no benefits of risk-pooling like CareShield Life and the withdrawals are constrained by one’s savings over one’s working years. The withdrawal limit of $200 under MediSave Care was set to ensure that there would be enough MediSave set aside for other medical purposes such as hospitalisation expenses and selected outpatient treatments which MediSave is primarily designed for.
The Government will also review the MediSave withdrawal limits regularly to ensure that basic long-term care costs remain affordable for Singaporeans.
The Government encourages individuals to review their severe disability insurance coverage carefully to ensure that they have adequate financial protection against severe disability, especially in old age. For other forms of assistance, you may wish to apply for means-tested Government assistance schemes such as the ElderFund, Home Caregiving Grant (HCG) in meeting long-term care needs. If you are still unable to pay for your care even after Government subsidies and other means of support, there are other forms of assistance such as MediFund and ComCare.
This information provided here is sourced from the MOH website.
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