Follow Singapore Immigration and understand life in Singapore:
1. One of Singapore's medical insurance systems—Medisave Scheme
The Medisave Scheme is a national, mandatory savings scheme designed to help individuals save money to pay for future hospitalization expenses. According to regulations, every working individual must participate in this savings program, and each person will have their own account specifically for paying hospitalization costs. In addition, Medisave can also be used to pay for the hospitalization expenses of immediate family members such as parents, spouses, and children.
The savings required for the Medisave Scheme account for approximately 6% to 8% of wage income. These savings are tax-exempt and accrue interest based on the average prevailing interest rate, with a minimum rate of 2.5%. On the other hand, there is a maximum limit on Medisave contributions. Funds in Medisave can only be used to pay for hospitalization expenses and certain major outpatient examinations, and there are also maximum limits on the payable amounts.
2. One of Singapore's medical insurance systems—MediShield Life Scheme
Unlike Medisave, the MediShield Life Scheme is not mandatory; participation is at the individual's discretion. This scheme is designed to help participants pay for medical expenses related to major illnesses or chronic diseases. Premiums for the MediShield Life Scheme are deducted directly from the participant's Medisave account. The cost of this insurance plan is very low and can be used to cover a portion of hospitalization expenses and some major, high-cost outpatient treatments, but it does not cover certain conditions such as congenital diseases, mental illnesses, or cosmetic surgery.
The MediShield Life Scheme is a major illness insurance plan, so participants must incur hospital bills exceeding a certain amount before they can receive medical insurance benefits. In terms of fund allocation, 80% of the amount exceeding the deductible is covered by MediShield, while the remaining 20% is paid out-of-pocket or through Medisave funds. The MediShield Life Scheme is widely popular in Singapore; currently, nearly 90% of Medisave members have joined the MediShield plan, and approximately 150,000 dependents of Medisave account holders have voluntarily joined the scheme.
3. One of Singapore's medical insurance systems—MediFund Scheme
The MediFund Scheme is a special endowment fund provided by the Singapore government, specifically targeted at impoverished Singaporeans to help them pay for certain medical expenses. This system provides a safety net for almost all Singaporeans, ensuring that regardless of their socioeconomic status, they can access quality, basic healthcare.
The amount for the MediFund Scheme is calculated as follows: the initial endowment was 20 million Singapore dollars. Subsequently, as the economy continues to grow and the budget increases, the government contributes 10 million Singapore dollars to the MediFund annually, and the income from these endowment funds is distributed to public hospitals. Singaporeans who are unable to afford their own hospitalization expenses can apply for assistance from MediFund. Each public hospital has a hospital-based MediFund Committee appointed by the government, which is responsible for reviewing applications and disbursing funds.
