If you are a Singaporean parent, there’s a good chance that you will want to top up your CPF Medisave account to help cover your healthcare costs.
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?
Below are the steps for topping up CPF Medisave for parents in Singapore
Step 1: Gather All The Information You Need
a. Medisave account number of your parent(s) – find out from your parents or do a quick search online if they have any existing hospitalization claims made by themselves or their dependents. If there are, this is the MSAH (Medisave Statutory Account) number which you should key in. If there are no claims made, this should be a YA (Your Account) account
b. Your birth certificate – you need to have your birth certificate with you as you will have to key in your NRIC
c. Your parent(s)’ NRIC – for verification purposes
d. Cash or cheque/ATM card for payment – do note that if you are paying by cheque, it has to be crossed or else it will not be accepted. You can get crossing at any bank
Step 2: Gather The Medisave Claim Form And Submit Them To One Of The CPF Counters In Singapore
There are two ways to obtain the claim form – fill it up online or print out the claim form from the CPF website. If you are doing this for your parents, I would suggest that you help them fill it up online since they will also have to key in their NRIC.
Step 3: Receive The Receipt Of Payment
The counter will return your payment together with a confirmation slip, stating that you have successfully topped up their Medisave account. You can key in the confirmation number on the online system if you want to check whether you’ve over-topped it.
Benefits Of CPF Medisave For Parents In Singapore
There are a few benefits of having a CPF Medisave account for your parents in Singapore.
- First, the funds can be used to pay for healthcare expenses such as hospital bills and medication costs.
- Second, the money can be withdrawn to help pay for retirement expenses.
- Third, the account earns a guaranteed interest rate of up to five percent per annum.
- Fourth, parents can use their CPF Medisave funds to pay for approved healthcare treatments and services overseas.
So if you have parents who are Singaporeans, it’s a good idea to help them set up a CPF Medisave account. It will help them secure their financial future.
Conclusion
In this article, we have shown you how to top up your parents’ CPF Medisave account.
You can do it online through AXS or SAM machines or by cheque. The funds in the account can be used to pay for healthcare expenses, retirement expenses, and approved healthcare treatments and services overseas.
So if you have parents who are Singaporeans, it’s a good idea to help them set up a CPF Medisave account. It will help them secure their financial future.
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