Thank Goodness for Medisave

Medical insuranceWhen I went through my surgery in June, I was lucky enough to not have to come out one cent in cash. The bill which came up to about SGD1,400 after government subsidy, was paid for using what is called my Medisave account.

Medisave account, in Singapore,  is something like forced savings. Every month a certain percentage is taken out from our salary and placed in a Central Provident Fund (CPF). Then that money is divided into three portion in CPF: the Ordinary Account (we can use this for purchasing our homes), Medisave account (pays for our medical bills) and Special account (our retirement fund). My medical bills was paid for using my Medisave account. I can also use this account to pay for my mom’s hospitalization bill for instance. Awesome right?

I understand in the US,  Medicare Supplement Insurance, can help with medical bills too. As I understand it Medicare Supplemental Insurance is a policy provided by private insurance companies that fill the gaps in coverage that your basic Medicare Part A and Medicare Part B do not cover. There are various plans in the US so choose the best one for yourself. The also has great information on Medicare and Medicaid Services so be sure to check those too before deciding on your healthcare needs.


First  Commenter Gets FCSB Point from LadyJava.
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