A quick summary of the Singapore healthcare system

In Singapore, 80% of the healthcare services are taken cared of by the government. Singapore patients can enjoy up to 80% subsidies if they choose to be warded in Class B/C.

The Singapore government assist locals on healthcare expenses through a compulsory form of savings call Medisave. A portion of an employee's monthly salary is contributed to funding their Medisave account.

Below is the latest contribution rates (% of salary) by an employee based on their age:

Age 35 and below = 6.5%
Age above 35 to 45 = 7.5%
Age above 45 to 60 = 8.5%
Age above 60 = 9%

* Additional information taken from the Ministry of Health:

Contributions to the Medisave Account will be subjected to a Medisave Contribution Ceiling (MCC), which is the maximum balance a member may have in his Medisave Account. The current MCC is set at $34,500 (wef 1 Jul 08).

Any Medisave contribution in excess of the prevailing MCC will be transferred to the Special Account for members below 55 years. For members aged 55 years and above, Medisave Account overflows will be transferred to their Retirement Account (RA) to top-up any Minimum Sum shortfall. Once the Required Amount has been topped up to cover any Minimum Sum shortfall, Medisave Account overflows would go into their Ordinary Account.

When a member withdraw his Medisave at or after age 55, he needs to set aside a minimum of $29,500 in his Medisave account (wef 1 Jul 08) or the actual Medisave account balance, whichever is lower, as the Medisave Minimum Sum (MMS). He will be able to withdraw the amount that is in excess of this minimum sum.

Contributions for Self-Employed

Only Self-Employed persons earning $6000 and above in the previous year needs to contribute to their Medisave account. Information for self-employed contributions can be found here.