The One-Time MediSave Bonus is a significant initiative introduced by the Singapore government to help adult Singaporeans manage their healthcare expenses and bolster medical savings for their retirement years. This bonus is automatically credited to eligible individuals’ MediSave accounts, ensuring financial support for their healthcare needs.
Overview of the MediSave Bonus 2024
The MediSave Bonus will be provided to eligible Singaporeans born between 1974 and 2003, offering up to $500 in December 2024. This is part of the government’s broader initiative to provide cash benefits to adult citizens annually from 2022 to 2026.
Additionally, Singaporeans born in 1973 or earlier will receive enhanced MediSave benefits under the Majulah Package, which now accounts for increased lifetime costs due to the October 2024 enhancements. The total budget for the Majulah Package has risen from $8.2 billion to $9 billion, benefitting over three million Singaporeans.
What Benefits Can You Expect?
The specific amount each individual receives depends on their eligibility and circumstances. Here’s a breakdown of the expected payouts:
| Government Benefit | Eligibility | Benefit Range |
|---|---|---|
| One-Time MediSave Bonus | Singaporeans born between 1974 and 2003 | $300 to $500 |
| MediSave Bonus – Majulah Package | Singaporeans born in 1973 or earlier | $1,250 or $2,000 |
- 1.4 million Singaporeans born between 1974 and 2003 will receive between $300 to $500.
- 1.6 million Singaporeans born in 1973 or earlier will receive $1,250 or $2,000 under the Majulah Package.
Eligibility Requirements for the One-Time MediSave Bonus 2024
To qualify for the bonus, individuals must meet the following criteria:
- Singapore Citizen or Permanent Resident: Only permanent residents or citizens are eligible.
- Birth Year:
- Born between 1974 and 2003 to qualify for the One-Time MediSave Bonus.
- Born in 1973 or earlier to qualify for the Majulah Package MediSave Bonus.
- Verification: Check your eligibility by logging in with your Singpass on the official govbenefits website (govbenefits.gov.sg).
How to Receive the MediSave Bonus?
Good news—there’s no application process for the MediSave Bonus 2024. It will be automatically credited to the MediSave accounts of eligible individuals. However, it’s crucial to ensure your personal details, such as your mailing address, phone number, and bank account information, are up to date.
- Update Your Information: If there are any changes to your personal circumstances, update them with the relevant authorities before December 2024 to avoid delays.
- Potential Delays: Failing to update your details may lead to unexpected delays in receiving your payment.
When Will the Bonus Be Credited?
Although the exact payout date has not been confirmed, eligible individuals can expect the payment to be credited to their CPF MediSave Accounts in December 2024.
- Delayed Payment: If you don’t receive the bonus by the end of December, contact the authorities at the hotline 1800-2222-888 for assistance.
The bonus amount will be credited as part of your CPF monies and subject to CPF withdrawal rules.
How Can You Use the MediSave Bonus?
The MediSave Bonus is designed to offset medical expenses. Funds in the MediSave account can be used for:
- Hospitalization Costs: Covers costs for you or your immediate family members at approved medical institutions.
- Surgeries and Outpatient Treatments: Pays for specific surgeries and outpatient procedures under the MediSave Scheme.
- Healthcare Expenses: Can be utilized for approved healthcare treatments or services.
FAQs
Who is eligible for the MediSave Bonus in 2024?
Eligibility depends on your birth year:
- Born between 1974 and 2003: Eligible for the One-Time MediSave Bonus.
- Born in 1973 or earlier: Eligible under the Majulah Package.
Do I need to apply for the MediSave Bonus?
No, there’s no need to apply. The bonus will be automatically credited to eligible individuals’ CPF MediSave accounts.
What should I do if I don’t receive my payment?
If you don’t receive your bonus by the end of December 2024, contact the hotline at 1800-2222-888 for support.
