MEDISAVE (Transfer of funds from CPF ordinary account)
Parliament of Singapore · 26 February 1993 · 8th Parliament
Official Report, 26 February 1993, Vol 60, Issue 6 · Open in the reader (summaries, search, filters)
The following Question stood in the name of Mrs Yu-Foo Yee Shoon -
Mrs Yu-Foo Yee Shoon: To ask the Minister for Health whether a person whose Medisave account is exhausted can have funds from his/her ordinary account transferred to the Medisave account to pay for medical expenses.
Dr Tan Cheng Bock: Question No. 5, Sir.
The Minister for Health (Mr Yeo Cheow Tong): Sir, currently, Medisave has a contribution limit of $15,000. Contributions in excess of $15,000 are automatically transferred to the Ordinary Account to avoid excessive accumulation of Medisave. A member who has had excess contributions transferred to the Ordinary Account can apply to have the amount transferred back to his Medisave Account, if he has exhausted his Medisave.
However, if there had not been any such previous transfer, the member will not be allowed to transfer any savings from the Ordinary Account to his Medisave Account. But the member may be allowed to pay for his medical expenses with future Medisave contributions provided he receives treatment in a Class C or B2 ward of a Government or restructured hospital.
Source: Singapore Parliament Official Report (Hansard) for 26 February 1993. Republished on SGParliament.