A portion of the salary that Singaporeans get is credited into what is known as their MediSave account, a savings scheme that is to be used to pay for their medical bills. This is subject to certain terms and limitations as MediSave funds cover certain specific types of healthcare costs such as hospitalization and surgery, out-patient treatments, health screenings, vaccinations and a number of other services.
There are however strict limits to the extent of coverage and how much can be withdrawn from the MediSave Account. For instance, while sections of the guidelines allow for use of the fund for vaccines under the National Childhood Immunization Schedule and National Adult Immunization Progamme, the COVID-19 Vaccine has so far not been integrated here.
For optimum healthcare coverage in Singapore, a combination of MediSave, MediShield Life and Integrated Shield Plans are ideal.
For more details about MediSave, its scope and limitations read the entire article published in Moneysmart Singapore here.
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