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Confusion with CPF and Medical Coverage schemes

Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.

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Confusion with CPF and Medical Coverage schemes

Postby rsmer1 » Mon, 16 Jul 2007 1:33 pm

I am confused with all the info on CPF, Medisave, Medishield and all medical coverage schemes.....I am planning to move to SG from US (internal transfer at work)....

Do multi-national companies offer any medical coverage thru some monthly salary deductions ? How much are normal premiums monthly ?

What additional coverages do I need ? And then what is medisave ? Is that for retirement only ?

I am worried when I initially move, I want to make sure my medical coverage schemes are all there in case we need it

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Postby sq009 » Sun, 22 Jul 2007 10:48 pm

CPF is a compulsory scheme for employment. It is further categorised into Ordinary Account, Special Account and Medisave.

O/A can be used for invesment, buying HDB flats and applying for CPF loans.

S/A is aimed to be a reserve for retirement and can only be invested for balanced or approved funds/ UTs

Medisave is a reserve for employees to apply for medical insurance and also to use it as a collateral to pay for medical bills

Currently O/A, S/A and medisave gives an annual interest rate of 2.5%, 4% and 4% respectively.

usually companies will offer at least some medical coverage, expats usually prefer something more exclusive or comprehensive.

Any other Qns? I will try answering them if i have the capability.
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Postby sundaymorningstaple » Mon, 23 Jul 2007 12:37 am


First of all, unless you are a citizen or Permanent Resident you will not be needing to know anything about CPF at this juncture. If you are coming here on an Employment Pass you will need to find out from your HR Manager what types of medical coverage packages the offer as as group insurance policy is normally either provided 100% by the employer up to and including 100% paid by the Employee. Companies vary in their generosity. Additionally, such insurance policies normally only cover the employee. Most however, for an additional cost (again possibly at your cost) will provide family coverage. As there are no laws nor minimums here it is up to you and your employer to negotiate.

While this is not an answer it at least lets you know that you will have to initiate the negotiations for any additional that you receive. Some companies provide only Major Medical/Surgical (meaning hospitalization only) while you take care of outpatient services. Otherwise, Google AIA, AXA, AIG, Great Eastern, and Medical Insurance +Singapore for a start for medical insurance policies purchased privately.

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