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Medisave: Advantages And Disadvantages

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Medisave is a saving scheme created by the government which helps the working Singaporeans and permanent residents set aside funds for the future medical expense which include after retirement. (Ministry of Heath) As many of us know that medisave comes mainly from 8% of our salary it is mandatory and it is a health care safety net created by the government for us citizens. (Medisave) We will talk about the disadvantage and advantage of Medisave We shall see how is it helping the citizens and how it might not.

One of the disadvantages would be 8% deduction being mandatory, despite medisave acting as a safety net for the citizens some might feel that it may not be necessary for all people. Though mandatory deduction of wages to medisave provides …show more content…

They have their means of setting a certain amount used per year so that citizens can use their medisave the follow year and thereafter. This ensures medisave savings are conserved for medical needs in the future not forgetting for usage during old age. (Medisave) In general, the government sees that it should be sufficient especially when it comes to citizens being hospitalized provided if the citizen chooses to stay in standard wards of 5-6 beds or standard wards of 6-8 beds. The limitations allow citizens to plan for their medical needs be it near future or concurrent medical needs. Citizens will be alert and do proper planning financially and schedule for appropriate medical consultations or screenings. Knowing that there is a limit in the usage of medisave citizens might move on the to second and third tier of medical protections which would be medishield life an insurance set by the government and medifund which is a safety net for those who have financial issues. (Financing, Ministry of Health) For the high-income citizens who felt that they have way too much medisave balance to keep in mind that there might be a need to safe keep for the future. As for the middle-income people, they must know that if they deduct medical bills from medisave for every single medical need they might not have enough medisave to be used in the future or when they are at old age. Low-income citizens should be wise on what is important and what is not for medical needs, if there are needs and medisave is insufficient there is always medishield, medifund and seeking help for medical aids through hospital means for clear

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