Medisave
Medisave is a national healthcare savings scheme implemented by the Government of Singapore to help individuals set aside part of their income into their Medisave Accounts to meet their future personal or immediate family's hospitalization, day surgery, certain outpatient expenses and approved medical insurance.
Pronunciation
Medisave: /ˈmɛdɪseɪv/
Etymology
The term "Medisave" is a portmanteau of the words "medical" and "save", indicating its purpose as a savings plan for medical expenses.
Overview
Medisave is part of Singapore's comprehensive and integrated social security system to help Singaporeans to meet their healthcare needs. The Medisave scheme is designed to help Singaporeans save for their healthcare needs. It is a mandatory health savings scheme that allows Singaporeans to put aside part of their income into their Medisave Accounts to pay for their personal or immediate family's hospitalization, day surgery and certain outpatient expenses.
Related Terms
- Medishield Life: A basic health insurance plan that helps to pay for large hospital bills and selected costly outpatient treatments.
- Integrated Shield Plan: Private insurance plans that integrate and top up the MediShield Life coverage.
- Medifund: An endowment fund set up by the Government to help needy Singaporeans who cannot afford their medical bills despite heavy subsidies, Medisave and MediShield Life.
- Central Provident Fund (CPF): A mandatory social security savings scheme funded by contributions from employers and employees. The CPF is a key pillar of Singapore's social security system, and serves to meet retirement, housing and healthcare needs.
See Also
External links
- Medical encyclopedia article on Medisave
- Wikipedia's article - Medisave
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