Remove cap on Medisave contribution
WITH rising medical costs, it may be time to consider removing the cap on Medisave contributions, which now stands at a low $43,500, and may increase by only small amounts in the future.
Is it possible for the Central Provident Fund board to allow all Singaporeans to contribute as much as they like towards their Medisave until retirement?
Some will then be able to save a large enough amount such that they will not have to worry about their expenses for their future medical needs, especially if they are unable to obtain health insurance.
It is unrealistic for seniors to expect their children to top up their Medisave accounts, and not all seniors will have children.
Perhaps it is also time for the Government to consider starting a medical pension scheme which people could contribute to until their retirement, in return for subsidised medical care after retirement.
Contributors to such a scheme can opt for different levels of payment, according to the class of ward they prefer.