How to get free medical insurance in Singapore?

It is a good idea to do voluntary contributions (VC) to our CPF-MA. 

Enjoy income tax relief (for the recipient of the VC) and also earn 4% interest per annum.

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  Reader: I assume excess from MA will flow to SA first. Once SA hits FRS, it flows to OA?
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  Assi AK: Correct. Maxing out the MA is a good idea!

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We will all grow old and fall sick. It is only natural.

Not to be saddled with huge medical bills which we find impossible to pay, I am sure all of us will agree that having a good hospitalisation and surgical (H&S) insurance policy is important.

Of course, a good H&S insurance policy is not going to be cheap but would you believe me if I were to tell you that we could possibly get one for free?

Free? Am I nuts? Well, maybe, but this is how I look at it:

Build up our CPF Medisave Account (CPF-MA), stay healthy and not use the money in our CPF-MA for as long as possible. 

Yes, that is all there is to it. Why?

The CPF-MA attracts a 4% annual interest and if our CPF-MA has enough funds, the interest it pays would be enough to cover the insurance premium annually.

Of course, some might say that the premium to be paid will increase as we age and there could come a time when the interest earned is not enough to pay the premium. This is a valid point and almost bound to happen.




This is why, although some lament that the CPF-MA's ceiling has been raised once again, I am quite happy that it has been raised. This means that I will have more funds in the CPF-MA earning higher interest to offset my H&S plan's insurance premium in future. It is a good thing, in my opinion.

My CPF-MA shows:

Interest earned: $1,654.48

Eldershield: $173.21

DPS: $61.83

Incomeshield: $ 665.00

Total drawn from CPF-MA: $ 900.04

I think I will probably be getting "free" medical insurance for many more years to come.






Top up your CPF-MA or your loved ones' CPF-MA, if you can afford to do so.

The interest earned will go towards getting that "free" medical insurance that so many people I know want to have in Singapore. 

We will get it with some effort and a bit of help from the government.




Update:

Maximum sum for the CPF-MA, which will be raised annually to keep pace with the higher draw on Medisave by the elderly, will go up from $48,500 today to $49,800 next January. (ST, 2015.)


See latest update:
http://singaporeanstocksinvestor.blogspot.sg/2014/06/free-medical-insurance-in-our-old-age.html
"For those under 65, the Basic Healthcare Sum next year will be S$54,500, up from S$52,000 previously, the authorities said."
Source:
CNA, 16 November 2017

Related posts:
1. Eldershield.
2. Enhanced Incomeshield for my mom.
3. How much for H&S insurance?

Photos from AK71's special day.

2016 UPDATE:

Sharing this since I am spending a lot of time watching K-drama now. Haha. I enjoyed this K-drama, by the way. :)

It is December 2016. 
I am 45 years old. 
Gave myself a lunch treat today.

Cost: $27.00
Bad AK! Bad AK!
At least the photo quality is better now. Remember 2013?
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December 2013:

Dinner time!

I don't like crabs but my family like. They happy, I happy. :)

I like this. Sweet and sour fish slices! My niece likes this too. We like the same food. Yah, I am a big kid. ;p

My sister baked this for me. Carrot cake with chocolate fudge! Yummy! I requested for only 1 candle. Easier for asthmatic me to blow out. I want my birthday wish to come true! Yah, I cheated...

The Hobbit celebrated with me:

I took this off a LED TV screen in a mall. My broker offered me free tickets but I told her I have not even watched part 1! Anyway, the screening was in town and I stay in ulu north west Singapore. Too far.
Can see an image of me taking the photo or not?
Is that AK71 on TV? LOL.

What about lunch?

Discount coupon! A real treat!

About $18.00, after discount. A princely sum.

If you are wondering at the photos' quality, I didn't have my IXUS with me yesterday. So, I took these with my Samsung mobile phone. Then, I used my IXUS to take photo of the photos on the phone's screen!

Clever or not?

Yah, I am a dinosaur. Well, it works and I got the photos on my blog, didn't I? LOL.

Happiness. :)

Related posts:
1. A drawing of AK71 by a talented artist.
2. Happiness in 2012.
3. ASSI celebrates 3rd birthday.

Gourmet sandwich by AK71 Deli.

I enjoy a nice gourmet sandwich once in a while but I find them rather pricey. A black pepper ham sandwich from Swiss Bake would easily set me back by $7.00 or more, for example.

Anyway, you guys know by now that I like to prepare and bring my own food to work. So, having a craving for some black pepper ham sandwich last night, I went grocery shopping at NTUC Fairprice.

I got some organic Romaine lettuce, 200gm of black pepper ham, a loaf of wholemeal bread from Gardenia and some low fat cheese. All for less than $10.00 and enough to make 6 sandwiches. Still have some lettuce and cheese leftover.

I had the bread ends. I love bread ends.

Oishi!

Enough to provide breakfast for the whole family. Nice atas sandwiches!

Related posts:
1. Supporting my companies and getting paid!
2. Tea break: Yummy home made bread.
3. Visit NTUC Fairprice and learn about investing in stocks!

Do you own properties in Little India?

A friend who stays in the vicinity of Little India told me that he would try to get home early every weekend because later in the evenings his neighbourhood would transform and it would not feel like Singapore anymore.

People would congregate in groups of more than 5 in the common areas (although technically these would be unlawful gatherings), drink beer, share food, talk loudly, sing, dance and pee on the walls. It is quite scary.

In the mornings, he would witness the aftermath (the sight and the smell) of such night time activities. Awful.

With the disastrous incident that took place last night, I hope that the authorities will really step up policing Little India and break up large gatherings. They should issue summons for the herds that dash across roads with no consideration of safety too. I know this because I drove there before and, trust me, it is very stressful for drivers.

I have avoided driving in Little India for a long time.

Perhaps, officers from the National Environmental Agency should also police the area and apprehend people who litter and pee in public. Whatever happened to CWOs?

For people who own real estate in District 8, such undesirables might affect the value of their investments. For people who stay there, it could be quite stressful. The riot last night would probably cast a pall on the entire area for some time to come.

Little India is a part of Singapore and it should be like Singapore and not some other country.

I am all for having migrants in Singapore, accepting that our population and domestic economy are too small. However, foreigners must respect the rule of law or be dealt with sternly.

Related post:
The first large scale riot in Singapore in 40 years.

The first large scale riot in Singapore in 40 years!

I read this piece of news and thought I had woken up in another country somewhere in South Asia! Imagine the fear that must have been in the hearts of people in Little India when it happened.

I hope those responsible are made to answer for this very soon.

What is the news?

A riot in Little India which involved 400 people was sparked off by a fatal accident involving a 33-year-old Indian national who was knocked down by a private bus! Yes, 400 people!

The aftermath. Cars were overturned and set on fire!

Some 300 police officers were deployed to the site after the trouble broke out. The riot was quelled in under two hours after the first call reporting the incident was received at 9.23pm.

Police Commissioner Ng Joo Hee said rioters threw glass bottles, railings and other projectiles at officers.

Horrible!

Read full story: here.