How can I top up my MediSave account?
For Salaried Employees
For salaried employees who receive a regular monthly income, your employer is required to make a deposit at the end of each month into your CPF contributions, which includes your MediSave Account. Once your salary comes in each month, you will be able to see the contributed amount reflected on the CPF portal, which should be 8% of your total salary for that particular month.
For Self-employed Persons
Self-employed individuals who do not receive fixed salaries each month must make MediSave contributions as long as they earn more than S$6,000 a year. Each year during tax season, IRAS will send a Notice of Computation specifying the exact amount of contributions you need to make based on your age and income.
Self-employed persons can use the CPF Board’s Self-Employed MediSave Contribution Calculator to determine how much you need to contribute.
Voluntary MediSave Contributions
Did you know that CPF holders can also make voluntary contributions to your MediSave Account? Here’s a step-by-step guide on how to do so:
- Proceed to the CPF website and login with your SingPass details.
- On the homepage, navigate to the ‘My Requests’ tab.
- Expand the section on ‘Building Up My / My Recipient’s CPF Savings’. Under the ‘Contribute to my Medisave account’, click on ‘internet banking using e-cashier’.
- Select “Contribute to my Medisave” and indicate whether you’ll be paying for yourself or another recipient.
- Input the desired amount you wish to contribute into your account
- Finally, confirm your payment request and proceed to make payment online.
Tap Into Your MediSave
If you have always been paying medical bills and healthcare expenses out-of-pocket, maybe it is time to make use of your MediSave to take some of the financial burden off your shoulders. At the end of the day, the balance in your MediSave Account is still your hard-earned money. In order to make the most out of it, it pays to use it when you or an immediate family may need it.