Dear CPF, can u please enlighten me???
From what I understand, CPF Medisave is monies put aside for my medical bills if ever I fall gravely ill and need medical attention. This is to prevent me from being a burden to the nation and I won't have to depend on the government in case I were to fall sick...
Now... My medisave account as with the same as many Singaporeans, we have hit the limit of S$35k. Then why are we being forced to pay "medisave" and the monies auto transfer to cpf special account??
I am presently covered by AIA Shield plan... Basically if ever I am hospitalized, AIA will pay 90% of my bills excluding deductibles... And it only cost abt $200+ per year deducted from my medisave... YES... the premium goes up with age... now im 37, its s$200+ a yr.. when im 50+ yrs old, it abt s$1000/yr etc...
And if I were to purchase an additional rider in cash, I would be covered 100% upon hospitalization...
Now... The interest rate generated by my medisave yearly is abt 4% which comes up to abt s$1400 a yr. That means that my private medical insurance is self paid all the way even if I don't top up my medisave...
So why am I being forced to top up my medisave??
I am in the Insurance Industry, which is considered self employed. Why is it that its compulsory for me to top up my medisave account when it's alr at the limit??? And whatever monies I top up, will go into the Special Account which to me, is useless... I can't buy a house with special account..
Yes.. Maybe Special account is for retirement. But the monies which is supposed to be medisave right? It doesn't make sense. I feel that the monies is better off buying private insurance or invested, better retirement planning.... Now instead of being compulsory to top up Medisave as a self employed, I'm being Forced to top up my Special Account... Zzzz
So... Pls tell me... If I do not need to use a cent from Medisave to pay for my medical bills, I'm covered 100% by private insurance, why do I need to top up my medisave account???