6 Must-Know Benefits for Singapore Citizens and Permanent Residents [2024 Latest Version]

Congratulations to you if you are a new Singapore citizen or permanent resident!

If you are considering to apply for one, you may explore these benefits before making informed decision. Here are 6 benefits you must know as a Singapore citizen or permanent resident.

1. CPF Life (Central Provident Fund Life)

  • Provides lifelong monthly payouts to ensure a stable income during retirement from age 65.
  • If you’re at least 3 months away from the payout eligibility age of 65, you can choose to start or defer the payout.
  • 3 types of monthly payout plans:
    1. Escalating Plan: Monthly payouts start lower initially but grow by 2% a year for life, helping you maintain your lifestyle even as prices increase.
    2. Standard Plan: Offers a steady monthly payout within a fixed budget.
    3. Basic Plan: Monthly payouts start low and reduce when your CPF balances fall below $60,000.

 

2. Medisave

  • Helps you save for your own or your dependents’ medical expenses, including hospital stays and certain outpatient treatments.
  • Can be used to upgrade your MediShield Life (basic hospitalisation insurance plan) and CareShield Life (long-term care insurance plan).
  • Medisave account will be distributed in cash to your CPF nominee(s) after you pass away.

 

3. MediShield Life

  • Offers coverage for large hospital bills and selected outpatient treatments, reducing your out-of-pocket costs.
  • Automatically covers CPF members regardless of age or health status, with a $150,000 annual limit for medical expenses in B2 or C-class wards.
  • The MediShield Life component of your Integrated Shield Plan (complete hospitalisation plan with private insurer) is fully payable by Medisave.
  • The additional private insurance component is also payable by Medisave, but only up to the following Additional Withdrawal Limits:
    • $300 per year for those aged 40 years and below on their next birthday
    • $600 per year for those aged 41 to 70 years on their next birthday
    • $900 per year for those aged 71 years and above on their next birthday
    • Any excess amount needs to be paid in cash.

 

4. CareShield Life

  • Provides financial support (monthly payout to you) if you cannot perform 3 out of 6 Activities of Daily Living (ADLs).
  • 6 ADLs: Bathing, toileting, dressing, feeding, walking, and transferring.
  • Entry age is 30 years old.
  • You can use up to S$600 per year from your Medisave to increase your coverage.

 

5. ActiveSG+ Web App

  • A new platform replacing the ActiveSG mobile app.
  • Sign up with your new Singapore PR Singpass to receive S$100 free credit for swimming or gym passes.
  • Log in by 31 Aug 2024 to get an additional S$10 ActiveSG anniversary credit.

 

6. Dependant’s Protection Scheme (DPS)

  • A term life insurance plan automatically joined by citizens and PRs aged 21-65, with premiums deducted from Medisave.
  • Provides up to $70,000 in compensation in case of death, terminal illness, or permanent disability.
  • Not a compulsory plan, you can opt out if desired.

 

Frequently Asked Questions (FAQs):

  1. What happens to my CPF savings after death?
    • Your CPF savings will be given to your nominee(s) in cash via cheque or GIRO after your death.
    • If you have not made a CPF nomination, it will be paid to the Public Trustee Office for distribution in cash to your family member(s).
  2. How do I make a CPF Nomination?
    • You can do it online using your mobile phone. You need two witnesses who are mentally healthy and are not your nominee(s).
    • Click this link to nominate now.
  3. Where can I check my nomination details? I may have done it before but can’t recall.
    • You may check it online by clicking this link and selecting “View Nomination Details.”

 

What’s Next?

If you are still unclear with the above mentioned benefits, or looking for a comprehensive insurance plan and retirement plan, you may send your enquiry to me via WhatsApp (+65 8680 2340) or email (lidwinateo@fapl.sg).

I will provide a personalised financial advice to you. Look forward to helping you achieve your financial goals!

 

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Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Lidwina Teo 维娜

I help individuals and families make confident financial decisions through personalised financial planning across the whole world. 

Specialising in protection, wealth accumulation, and retirement planning, I provide tailored solutions aligned with your goals and priorities.

Let’s connect over a coffee and explore how we can build a stronger financial future together.

 

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