Tweaks to Medisave limits to simplify process

Singapore

FROM next January, the Medisave Contribution Ceiling (MCC) - the upper limit on Medisave savings - will be renamed the Basic Healthcare Sum to bring it in line with Central Provident Fund (CPF) terminology.

The new Basic Healthcare Sum will be set at S$49,800 from January 2016 - a 2.7 per cent increase over the current ceiling amount of S$48,500 set last year. Any additional Medisave contributions beyond this amount will continue to be channelled to the CPF member's Retirement and Special Accounts, and eventually increase the CPF Life payouts.

Health Minister Gan Kim Yong on Thursday told the House that the government will set the Basic Healthcare Sum for each cohort when they turn 65, from next year. There will not be subsequent changes to the amo…