If you’re a Singaporean parent, you’ll probably want to top up your CPF Medisave account to assist cover your medical expenses.
In this article, we will show you how to do just that. We’ll also provide some benefits of making the most of your Medisave account. So read on for all the information you need!
How to top up CPF Medisave for parents in Singapore?
Contents
The steps for parents in Singapore to top up their CPF Medisave are outlined below.
Step 1: Gather all the Information you need
a. Your parent(s)’ Medisave account number Find out if your parents have any existing hospitalization claims submitted by themselves or their dependents by asking them or searching online. If there is, enter the MSAH (Medisave Statutory Account) number. This should be a YA (Your Account) account if no claims have been made.
a. Your certificate of birth You must bring your birth certificate with you because you will be required to enter your NRIC.
c. For verification purposes, your parent(s) NRIC
d. Payment by cash, check, or ATM card; remember that if paying by check, it must be crossed or it will not be accepted. Each bank can provide you with a crossing.
Step 2: Gather the Medisave claim form and Submit them to one of the CPF Counters in Singapore
The claim form can be obtained in one of two ways: online or by printing it from the CPF website. If you’re doing this for your parents, I recommend that you assist them in filling it out online because they’ll need to enter their NRIC.
Step 3: Receive the Receipt of Payment
Your cash will be returned to you along with a confirmation slip showing that your Medisave account has been successfully filled up. If you want to check whether you’ve exceeded the limit, enter the confirmation number into the online system.
Benefits of CPF Medisave for Parents in Singapore
Having a CPF Medisave account for your parents in Singapore has several advantages.
- To begin, the cash can be used to cover medical expenses such as hospital bills and prescription drug prices.
- Second, the funds can be withdrawn to assist with retirement costs.
- Finally, the account offers a guaranteed interest rate of up to 5% each year.
- Parents can also use their CPF Medisave funds to pay for recognized healthcare treatments and services in other countries.
If you have Singaporean parents, it’s a good idea to assist them in opening a CPF Medisave account. That will aid in their financial stability.
Conclusion
We’ve taught you how to top up your parents’ CPF Medisave account in this article.
You can pay by check or online using AXS or SAM devices. The money in the account can be used to pay for medical bills, retirement costs, and approved medical treatments and services in other countries.
If you have Singaporean parents, it’s a good idea to assist them in opening a CPF Medisave account. That will aid in their financial stability.
Also Read:
The Greatest Passive Income Ideas That Will Make You Money Around The Clock
