Table of Contents
Can I use CPF to pay for insurance?
You can pay medical insurance premiums with your CPF. Some of the insurance policies include the Dependant Protection Scheme and MediShield Life. You can also use your MediSave savings to buy Integrated Shield Plans for yourself or your dependants.
How does health insurance work in Singapore?
Singapore's public healthcare is funded by taxes, which only cover about one-fourth of Singapore's total health costs. Individuals and their employers pay for the rest in the form of mandatory life insurance schemes and deductions from the compulsory savings plan or the Central Provident Fund (CPF).
Can I use MediSave to buy insurance?
MediSave can be used to pay for an individual's own health insurance premiums, or those of their approved dependents. MediShield Life and ElderShield or CareShield Life premiums can be covered fully by MediSave.
What can CPF be used to pay for?
CPF is there for us to and through the key financial milestones in our life, be it paying for our first home,
or medical insurance and expenses.
Can I use CPF to buy endowment plan?
Under the CPFIS, you can invest your CPF savings in shares and loan stocks, unit trusts, government bonds, statutory board bonds, bank deposits, fund management accounts, endowment insurance policies, investment-linked insurance policies, exchange traded funds and gold.