Parliamentary QA
Update on median, average and range of balances in CPF members' Medisave accounts when they pass on
15 January 2019
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Name and Constituency of Member of Parliament
Associate Professor Daniel Goh Pei Siong
Non-Constituency MP
Question No. 1099
To ask the Minister for Health in the last five years, what have been the median, average and range of balances left in CPF members' Medisave accounts when they passed on.
Answer
MediSave helps Singaporeans set aside part of their income over their working years to save up for healthcare expenses in old age, when their healthcare needs are typically higher. Between 2013 and 2017, about half of Singaporeans aged 65 and above who passed away had about $5,500 or less in their MediSave. For those who pass away at an older age of 85 and older, half had $4,000 or less left in their MediSave Account.
The data are summarised in Table 1 below.
Table caption
Table 1. MediSave balances for Singapore Citizens who passed away between 2013-2017 | ||||
|---|---|---|---|---|
Age Passed Away | 30P | 50P (Median) | 70P | Average |
65 and above | $2,000 | $5,500 | $12,000 | $10,700 |
85 and above | $1,600 | $4,000 | $7,400 | $6,300 |
Some of them have also benefited from the Pioneer Generation Package, which includes annual MediSave top-ups of up to $800 and additional MediShield Life premium subsidies.