​Health Insurance: How to Get the Max Out of Medisave

Medisave Account funds are not just for paying medical bills, but can also be used for medical insurance and other policies to meet healthcare needs

"You can die in Singapore, but you can’t afford to fall sick here" is a common refrain heard on the street.

A recent survey by research company GfK found that 42 per cent of respondents expressed concern about the cost of healthcare in Singapore. September 2013's inflation data released by the Department of Statistics showed that healthcare costs went up by 4 per cent compared to the same period a year ago, higher than the 1.6 per cent increase in the overall consumer price index. But healthcare in Singapore can be affordable. The system has multiple tiers of protection to ensure that no Singaporean is denied access to basic healthcare because of affordability issues.

The first tier of protection comes from heavy government subsidies which all Singaporeans can access. The second tier of protection is provided by Medisave, a compulsory individual medical savings account scheme which allows practically all Singaporeans to pay for their share of medical treatment without financial difficulty. The third level of protection is provided by MediShield, a low-cost catastrophic medical insurance scheme. Finally, there is Medifund, a medical endowment fund set up by the Government to act as the ultimate safety net for needy Singaporean patients.

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