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Self-Employed PR - Medisave Top Up?

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 22 Jul 2013 8:24 pm

Katbh, I'm not disagreeing with you at all there. It's just we are in Singapore/Rome if you get my drift...... :?

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Postby katbh » Mon, 22 Jul 2013 8:50 pm

drifting

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Postby Mi Amigo » Mon, 22 Jul 2013 9:01 pm

Certainly seems to be the case that sole proprietors and members of partnerships need to pay Medisave. My better half just got a letter from the CPF board saying that she will now need to make contributions to Medisave; this will be in relation to the LLP that we set up a while ago. The fact that we're covered by private health insurance doesn't seem to affect the situation - rules is rules and all that. But we're not worried about it, given the 4% interest that they pay on the Medisave account.
Be careful what you wish for

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Postby sundaymorningstaple » Mon, 22 Jul 2013 9:26 pm

^^This.

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Re: Self-Employed PR - Medisave Top Up?

Postby IronMac » Fri, 23 Aug 2013 8:40 am

ecureilx wrote:A PR friend was diligently topping up the CPF Medisave, 4,000 $ each year, though he wasn't in Singapore for the past 2 years .. REP was rejectd .. just saying .. :)


First off, this thread has sort of acquired a life of its own! Nice! :)

I don't think my REP would be rejected. I may be wrong but I did a bit of checking on the ICA site and if your PR is based on marriage to a Singaporean, then, your REP will be renewed so long as you are married to them.

Anyways, have no plans of leaving SG in the near future.

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Postby IronMac » Fri, 23 Aug 2013 8:43 am

katbh wrote:Do you need to pay medisave if you are self employed? If so, do you wait until you are asked, or are you supposed to do it automatically. I thought you waited until you got a notice. Correct?


Supposedly there is a Medisave calculator on the IRAS site. I didn't even know that I was supposed to pay into Medisave until CPF sent me the notice.

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Postby sundaymorningstaple » Fri, 23 Aug 2013 9:38 am

Medisave is computed based on the Net Trade Income as reported on your Income Tax Return. Check the link below for the rates for the various years. And yes, you will automatically notified by the CPF board based on the IRAS data submitted to them.

http://ask-us.cpf.gov.sg/efa/cs/idcplg? ... =EFA_10866

If you want to make timely contributions.....

http://www.cpf.gov.sg/cpf_info/Calculat ... ro_cal.asp

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Postby IronMac » Sun, 25 Aug 2013 6:41 am

As a followup, the insurance company (Prudential) says that I can use Medisave to pay for my insurance policy. :D

Will have to ask if I can use it to pay for my wife's too!

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Postby qwe7410 » Sun, 25 Aug 2013 1:49 pm

Care to share what's the exact amount?

You should opt for medisave and get cheap insurance with medishield.
If you decide to abandon Singapore one day, you are entitled to draw back every sum

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Postby sundaymorningstaple » Sun, 25 Aug 2013 3:18 pm

You cannot draw back any sums used to pay for medisave Insurance policies. Not sure where you got that. I've been a PR for 20 years. Unused medisave savings, however, you can get back along with the 4% interest paid on those accounts.

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Postby ecureilx » Sun, 25 Aug 2013 3:24 pm

sundaymorningstaple wrote:You cannot draw back any sums used to pay for medisave Insurance policies. Not sure where you got that. I've been a PR for 20 years. Unused medisave savings, however, you can get back along with the 4% interest paid on those accounts.


you can use Medisave for some insurance, but when you see the deductibles, it is like throwing money down a black hole ..

the only way to get better coverage from the Medisave linked insurance is to 'top up' cash, and by then it becomes a big joke on you drawing 600$ from medisave for nothing at all ..

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Postby IronMac » Tue, 27 Aug 2013 3:42 pm

Ok, my wife says that (after talking to the agent) Prudential will send me the forms to sign. Said forms are then sent to CPF. When the times comes for us to pay the premiums, Prudential can then take the money out of my Medisave account.

There are no deductibles since we have purchased a rider for our policies. We're with Prushield and Prudential told us that they are phasing out the rider next year for new policyholders.


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