2nd Nov 2020
Ms Hazel Poa
Question No. 174
To ask the Minister for Health in respect of CPF members above the age of 55 who have passed away in 2019 (a) what is their remaining MediSave balance (i) in total and (ii) in average amount per CPF member; and (b) where do these savings go to subsequently.
1. MediSave helps Singaporeans set aside part of their income over their working years to save up for healthcare expenses in old age, when their healthcare needs are typically higher. Singaporeans aged 55 and above who passed away in 2019 had remaining MediSave balances of about $300 million in total. About half of them had $10,300 or less in their MediSave accounts. These include younger members who passed away before they had drawn down their savings significantly. The remaining MediSave balance on demise is lower at older age groups, for example, for those who passed away at age 85 or older, about half had a balance of $6,300 or less.
2. For those who have passed away, their CPF savings, including MediSave balances, will be distributed to their beneficiaries in cash according to their CPF nomination or through the Public Trustee’s Office if no CPF nominations were made.