Medisave Grant for Newborns

Source: Medisave Grant for Newborns

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

Please read further on Medisave Grant to learn about Affordable Medical Insurance