Meet minimum sums before withdrawal

06 Aug 2009, My Paper

Question

Name of the Person: Mr Ivan Lim Chin Hoe

Let retirees draw out Medisave funds

There are retirees such as me who work part-time and earn $450 to $550 a month.

It is hard to make ends meet with such a meagre income.

Could the Government consider allowing working senior citizens who have over $20,000 in their Medisave accounts to withdraw the amount in excess of $20,000 over a limited period?

Reply

Reply from MOH 

Mr Ivan Lim has asked to "Let Retirees Draw Out Medisave Funds" to help needy elderly make ends meet (My Paper, 3 August 2009).

Medisave is primarily meant to help cover the cost of hospitalisation in a subsidised ward, especially during old age. To ensure that one has sufficient savings to provide for their medical needs after retirement, we have the Medisave Minimum Sum (MMS), currently set at $32,000. CPF members who have reached 55 years and who have met the CPF Minimum Sum are able to withdraw any Medisave balances in excess of the MMS

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