Medisave Grant for Newborns to cover the hospitalization and certain outpatient treatment expenses

Introduction to Medisave Grant

All Singaporean children born on or after 26 August 2012 are eligible for a Medisave grant of $3,000 in their Medisave Account, which will be given in two equal tranches. The first $1,500 will be deposited in your child's CPF Medisave Account about two to three months after registration of birth, and the remaining $1,500 will be deposited a year later if your child continues to be enrolled in MediShield or a Medisave-approved Integrated Shield Plan.

Uses of Medisave Grant

This grant can help parents defray the costs of your child's hospitalization and certain approved outpatient treatment expenses incurred at any participating restructured or private hospitals in Singapore. In another hand, a congenital anomalies (Common examples include a cleft palate, hole in the heart and Down's syndrome.) requiring long-term medical treatment could cause a huge bill. As the Medisave grant for newborns is meant to support basic healthcare expenses and the use of Medisave is subjected to withdrawal limits, using the grant to fund the expensive medical cost will deplete the child's Medisave account quickly.

Source:http://mycpf.cpf.gov.sg/CPF/my-cpf/have-child/HC3.htm

Affordable Medical Insurance

There are some affordable medical insurances (Premium as low as 200-300 SGD per year deducted from CPF) that can help to cover a portion of the medical expenses ( Up to unlimited amount per lifetime) when the need arises. The use of the child's Medisave grant for Integrated Shield Insurance is subject to each family's own decision. However, we encourage parents to purchase Approved Integrated Shield Insurance for their children if such coverage is suitable for their family's needs and situation.

 

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