SINGAPORE - Pioneer and Merdeka Generation seniors will receive a total of $255 million in Medisave top-ups next month.
The top-up can be used to pay premiums for MediShield Life and other Medisave-approved insurance plans, as well as pay for medical expenses such as hospitalisation, day surgery and outpatient treatments.
The sum will be credited into their Medisave account next month and seniors will be provided with more details of the top-up in a letter.
The top-ups are part of the benefits under the Pioneer and Merdeka Generation packages.
In a Facebook post on Wednesday (June 17), Deputy Prime Minister Heng Swee Keat said it is to "thank our Pioneer and Merdeka Generation seniors for their contributions to Singapore".
"Altogether, we had set aside more than $14 billion for these packages to cover about one million seniors for life."
He added that the Pioneer and Merdeka generations had weathered difficult storms in the early years of Singapore, and contributed to Singapore's growth.
"We owe them a debt of gratitude for their hard work and dedication. Let us continue to support them to stay active and healthy," he said.
In a joint statement, the Ministry of Finance and the Ministry of Health said the top-ups for pioneers will amount to $160 million, while the top-ups for Merdeka seniors total $95 million.
Around 450,000 Pioneer Generation and 500,000 Merdeka Generation seniors have been receiving Medisave top-ups as part of the Pioneer and Merdeka Generation packages since these were launched in 2014 and 2019 respectively.
Eligible pioneers will receive between $200 and $800 under the latest Pioneer Generation Medisave top-ups, depending on their age this year.
Those who were born earlier will receive higher top-ups as they typically have lesser accumulated savings.
Eligible Merdeka Generation seniors will receive $200 in Medisave top-ups annually from 2019 to 2023.
The Merdeka Generation package is to provide seniors with greater assurance of their healthcare costs, and to help them stay active and healthy through their silver years.
The Pioneer Generation and Merdeka Generation Medisave top-ups are in addition to the annual Medisave top-ups under the GST Voucher Scheme for Singaporeans who are aged 65 and above.
The Medisave top-ups under the GST Voucher Scheme will be made in August, and the amount that seniors can receive will depend on their age, the annual value of their place of residence, and the number of properties that they own.