Budget 2024: 1.4 million Singaporeans to get one-time S$300 MediSave Bonus

• Adult Singaporeans aged 21 to 50 to receive one-time MediSave Bonus of up to S$300
• S$3.5 billion to be set aside over the next decade for Age Well SG programme
• Per capita household income thresholds for healthcare and associated social support subsidy schemes to be raised

ADULT Singaporeans aged 21 to 50 will receive a one-time MediSave Bonus of up to S$300, among various enhancements to healthcare benefits, said Finance Minister Lawrence Wong on Friday (Feb 16).

This bonus will help them build up medical savings to defray rising healthcare costs, especially for those who are self-employed or not working, said Wong, who is also deputy prime minister.

The bonus will be tiered by each Singaporean’s year of birth, the annual value of their residence as well as whether they own more than one property as at Dec 31, 2023. It will be credited to their Central Provident Fund MediSave account in December 2024.

This will benefit about 1.4 million Singaporeans, with the bonus estimated to cost the government S$300 million in total.

Meanwhile, those born in 1973 or earlier will receive a higher bonus in their MediSave accounts under the Majulah Package. Including those receiving a bonus under the package, three million Singaporeans will receive support for their healthcare costs.

Age Well SG

Wong noted that preventive care is especially important for seniors, who need to stay active and socially connected. To support this, S$3.5 billion will be set aside over the next decade for the previously announced Age Well SG initiative.

This amount has several components, including an expanded network of Active Ageing Centres with more programmes; more assisted living options such as Community Care Apartments; more amenities and senior-friendly home fittings in residential estates; and improvements to commuter infrastructure for mobility and safety.

Wong noted that even with healthier lifestyles, “all of us will need some form of medical care as we get older, and especially nearer to the end of the life”.

“We must expect healthcare costs, including medical insurance premiums, to rise, even after generous government subsidies,” he added.

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Budget 2024: S$8.2 billion Majulah Package to benefit 1.6 million Singaporeans

Subsidy thresholds to be raised

In addition to the MediSave Bonus, the government will offer more support for healthcare costs by updating the per capita household income thresholds for healthcare and associated social support subsidy schemes.

These schemes include MediShield Life premium subsidies, Community Health Assist Scheme subsidies for primary care, and subsidies for outpatient and inpatient treatment at public hospitals.

The monthly per capita household income threshold for each subsidy tier will be increased, ranging from S$100 to S$800.

Wong noted that the changes will mean additional government spending of around S$300 million per year, and that more than one million Singaporeans can expect to benefit from the higher subsidies.

“This will provide greater assurance for healthcare costs, which will also reduce the financial pressures on caregivers,” he said.

For more of BT’s Budget 2024 coverage, go to bt.sg/budget24