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CPF Life, MediShield Life help provide 'peace of mind' in old age: DPM Teo

Central Provident Fund (CPF) Life and MediShield Life are two important components of the Government's efforts to help Singaporeans enjoy a peace of mind in their golden years, said Deputy Prime Minister Teo Chee Hean.

SINGAPORE: Central Provident Fund (CPF) Life and MediShield Life are two important components of the Government's efforts to help Singaporeans enjoy a peace of mind in their golden years, said Deputy Prime Minister Teo Chee Hean.

Mr Teo was speaking at the Pasir Ris-Punggol National Day Dinner on Saturday (August 2). He said the CPF system gives fair and safe returns where most members receive 3.5 per cent in their Ordinary Accounts and 5 per cent in Special, Medisave and Retirement Accounts, and "these are guaranteed even when markets do poorly."

He also said MediShield Life gives better protection against large medical bills and this includes higher daily claims and higher payouts for treatments like chemotherapy. To take good care of pioneers, they will receive permanent MediShield Life premium subsidies, and also Medisave top-ups of S$200 to S$800 each year.

Those aged above 80 will receive a higher amount, which will be more than enough to pay for their subsidised MediShield Life premium, while pioneers aged 65 to 79 will pay about half of current premiums.

From September 1, all pioneers will receive an additional 50 per cent off subsidised
treatments at polyclinics and Specialist Outpatient Clinics. They will also receive special subsidies at clinics under the Community Health Assist Scheme.

Mr Teo said the system of CPF and MediShield Life is "fair and sustainable", and the Government provides CPF and Medisave top ups when the economy does well.

"With CPF and MediShield Life, Singaporeans can have peace of mind for our golden years. With a fair and sustainable system, many more generations of Singaporeans can also have peace of mind," added Mr Teo, who is also MP for Pasir-Ris Punggol GRC.

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