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Budget 2024 allocates one-time MediSave bonus of up to S$300 for 1.4 million adult Singaporeans

Singapore Budget 2024: Finance Minister Lawrence Wong said that the bonus will be credited into Central Provident Fund (CPF) MediSave accounts in December.

Finance Minister Lawrence Wong in Parliament, illustrating a story on MediSave bonus.
Budget 2024 allocates one-time MediSave bonus of up to S$300 for 1.4 million adult Singaporeans. (PHOTO: MCI/YouTube) (MCI/YouTube)

SINGAPORE — Adult Singaporeans aged 21 to 50 (born in 1974 to 2003) will receive a one-time MediSave bonus payout of up to S$300.

This was announced by Finance Minister Lawrence Wong on Friday (16 February) during his Budget 2024 speech, alongside various enhancements to healthcare benefits.

Wong, who is also Deputy Prime Minister, said that this bonus aims to assist individuals, including those who are self-employed or not working, in building up medical savings in anticipation of rising healthcare costs.

The bonus will be tiered based on each Singaporean's year of birth, the annual value of their residence, and whether they own more than one property as of 31 December 2023.

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It will be credited to their Central Provident Fund (CPF) MediSave account in December 2024, benefiting about 1.4 million Singaporeans, with the bonus estimated to cost the government S$0.3 billion in total.

Meanwhile, Singaporeans in their 50s and early 60s, born in 1973 or earlier, will receive a one-time MediSave bonus as part of the Majulah Package.

Overall, this means that about three million Singaporeans will receive support for their healthcare costs.

Investing in preventive care and enhanced support for Singaporeans

Wong stressed the significance of preventive care, especially for seniors, who need to stay active and socially connected. To support this, S$3.5 billion will be allocated over the next decade for the previously-announced Age Well SG initiative.

This allocation includes several components, such as an expanded network of Active Ageing Centres with more programmes, more assisted living options like Community Care Apartments, more amenities and senior-friendly home fittings in residential estates, and improvements to commuter infrastructure for mobility and safety.

Wong highlighted the inevitability of needing medical care as people age, stating, "Even with healthier lifestyles, all of us will need some form of medical care as we get older, and especially nearer to the end of the life".

"We must expect healthcare costs, including medical insurance premiums, to rise, even after generous government subsidies," he added.

The government will also provide more support for healthcare costs by updating the per capita household income thresholds for healthcare and associated social support subsidy schemes.

These schemes include MediShield Life premium subsidies, Community Health Assist Scheme subsidies for primary care, and subsidies for outpatient and inpatient treatment at public hospitals.

The monthly per capita household income threshold for each subsidy tier will be increased, ranging from S$100 to S$800.

Wong said that these changes will result in additional government spending of around S$300 million per year and that more than one million Singaporeans can expect to benefit from higher subsidies.

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