Press Releases
98 million in Medisave Top-Ups Benefit 770,000 Older Singaporeans, an additional $100 million to be injected into Medifund
16 August 2004
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16 Aug 2004
As announced in the 2004 Budget Statement, the Government has given Medisave top-ups ranging from $50 to $200 to 770,000 Singaporeans aged 50 and above, on 14 and 15 August 2004. The total value of these Medisave top-ups amount to $98 million. The Government will also inject $100m into Medifund to help the needy. Together, these measures will help older and needy Singaporeans with their medical expenses and insurance premiums.
Medisave Top-Ups
Table 1: Medisave Top-ups to Singaporeans aged 50 and above
Table caption
Medisave Balance as at 1 January 2004 | |||
|---|---|---|---|
Age as at 1 January 2004 | <$5000 | $5000 < $10000 | > $10000 |
50-59 | $150 | $100 | $50 |
> 60 | $200 | $150 | $100 |
The Medisave top-up amounts vary according to age and Medisave balances (Table 1). This will give greater assistance to older Singaporeans who were already midway through their working life when Medisave started in 1984 and had less time to build up their Medisave savings. The top-ups also help reduce the impact of the deeper CPF employer contribution rate cuts for workers aged above 50 to 55 years old in the next two years. Singaporeans with lower Medisave balances will also receive higher top-ups, as they are likely to have low income or have drawn down their Medisave savings for medical treatment. A total of $98 million in Medisave top-ups has been made on 14 and 15 August 2004.
Members of the public can also call the Medisave Top-Up Hotline at 1800-3271133 for further enquiries.
Medifund capital sum injection
The Government will also inject $100 million into the Medifund to help needy patients who cannot afford to pay their hospital bills even after subsidies. This $100m injection will bring the Medifund capital sum to $1 billion.