MediSave Bonus 2024 Payout – Payment Date, Amount and Eligibility!

Singaporeans will receive a one-time MediSave Bonus that will offset their healthcare costs and help them save money for medical expenses in old age. The government enhanced the MediSave Bonus in October 2024, the Singaporeans expecting the payment can learn about the payout and other details here.   

MediSave Bonus 2024 Payout

The Singapore government has announced support for Adult Singaporeans, such as Assurance Package (AP) cash, Retirement Savings Bonus, and MediSave Bonus to remove the rising cost of living pressure and ensure people can access quality healthcare while saving for retirement. 

According to the press release, eligible Singaporeans born between 1974 and 2003 will be entitled to a one-time MediSave bonus of up to $300 – $500 depending on their age, such as:

• For Singaporeans born between 1974 and 1983, the annual value of the property is not more than $25,000, and only one property on 31 December 2023 will receive $500, whereas people whose AV of property more than $25,000 or who own more than one property will receive $400. 
• People who were born on or between 1984 and 2003 and have AV not more than $25,000 will receive $400, whereas those with AV above $25,000 or more than one property will receive $300.  

Singaporeans born earlier or in 1973 can receive the top-up ranges between $1250 to $2000 under the Majulah Package.  

Eligibility for Singapore Medisave Bonus 

The Singaporeans who meet the below eligibility requirements can expect the Medisave bonus the enhanced support from the Singapore government in December 2024:

• The One-time MediSave bonus will be granted to every Singaporean aged 21 and 50, that is, those born in or between  1974 and 2003, and have an annual value of property mentioned above. 
• Every Singaporean born in 1973 or before will receive the MediSave Bonus under the Majulah Package, which was announced in October 2024 to counterbalance the MediShield Life premium rise.  
• The MediSave bonus is only for the Singaporean Citizens who meet the age criteria of the benefit. 

Exclusion:

• People living in Singapore who have foreign citizenship are excluded from the benefit even when they have Singapore Citizenship. So, if you have a foreign as well as Singapore Citizenship, you must solve this issue with ICA immediately. 

What is the MediSave Bonus pay date? 

Every Singaporean who meets the MediSave bonus eligibility criteria will receive the bonus amount in their CPF MediSave account from 18 December 2024. Those who wish to check their eligibility or upcoming payment schedule can check it on the Singapore government benefits website at https://www.govbenefits.gov.sg/ by logging into their Singpass. 

The associated Ministry has said that eligible Singaporeans will get a notification from the government in December after their bonus top-up is processed and credited to their CPF MediSave account. 

The Singaporeans who have not registered their mobile number with Singpass will get notified via a letter sent to their Singapore Identity Card address. Singaporeans seeing more information on MediSave Bonus or any other benefit can call the hotline number at 1800 2222 888. 

Important Note: 

• The government has warned citizens to stay vigilant of scams as hackers or scammers can use this opportunity to scam you and acquire your savings. 
• The citizens should know the SMS they will receive on the benefits credit will be only through gov.sg not any other sender and the authority will never ask you to click on any link, provide information, or respond to the SMS. 
• The authority will never send the MediSave bonus or any other enhanced payment credited message through WhatsApp or other messenger platform. 

How to claim the MediSave Bonus?

The Singapore Ministry of Finance has mentioned that eligible citizens do not need to claim or do anything to receive the MediSave Bonus or top-up under the Majulah package. The Singaporeans who have the MediSave CPF account will automatically receive the bonus based on the eligibility criteria on the pay date. 

So, Singaporeans who are enrolled in MediShield Life Insurance, the National Medical Savings Scheme for individuals. The Singaporeans who have saved from their wages, and employment and contributed to the health coverage will automatically receive the payment. 

Impact of the Singapore Medisave Bonus 

The MediSave bonus to adults aged between 21 and 50 or to people born in 1973 or before under the Majulah package will remove the financial burden from the citizens and impact their lives in the following ways:

• According to the government estimate, around 1.4 million citizens will receive a one-time bonus that will elevate their healthcare access and help them save for the future. 
• Under the Majulah package, the top-up of $1250 to $2000 will help the citizens who have contributed or contributed to the health insurance coverage to offset their healthcare costs. The government estimates around 1.6 million citizens will benefit from this scheme. 
• Singaporeans can easily access quality healthcare without worrying about the financial stress it will cause. 
• The one-time payment will support them in covering other medical expenses and saving their money for a secure retirement. 

The Singapore government has extended their support to adult citizens with various enhanced support, such as MediSave bonus, AP Cash, and Retirement Savings bonus, so Singaporeans are ready for December payments.