When I was attending one of the college career fairs last week, I met a 20 years old cheerful student who shared with me her life story. It is about how CPF and Medisave funds helped her family navigate through the challenging time after her ill father passed on. I thought it will be more meaningful if I could share her story with others and help those who are encountering the same challenges at the moment. She happily agreed to my idea and I wrote her story from her point of view as follows.
Story begins…
Hi everyone, I am 20 years old this year and a college student. Two years ago, my father passed away unexpectedly. It was the toughest time for our family, but I want to share how CPF and Medisave helped us navigate through these challenging times.
When my father was alive, he was always careful with money. He often talked about his CPF and Medisave accounts, although I didn’t understand much then. After his death, those accounts became our lifeline.
Mom explained that CPF is the Central Provident Fund, which helps Singaporeans save for retirement, healthcare, and housing. Dad had been diligently contributing to his CPF and Medisave accounts throughout his working life.
When he passed away, Mom was able to access his CPF savings. This money helped us pay for the immediate expenses, like the funeral and other bills. It gave us breathing room when we needed it the most.
I remember Dad had a Medisave account, which is a part of CPF specifically for medical expenses. After his death, we found out that his Medisave funds could be used to cover outstanding hospital bills. This was a huge relief for Mom, as she didn’t have to worry about these costs on top of everything else.
With the remaining CPF savings, Mom was able to manage our household expenses. She even set aside some money for my education. Dad always wanted me to have the best opportunities, and his CPF savings made sure I could stay in school and focus on my studies. I am really glad to have this chance.
Mom also told me about the CPF nomination Dad had made. Because he nominated Mom and me as his beneficiaries, the process of accessing his funds was straightforward. It ensured that we received the money quickly without going through a lengthy legal process.
Thanks to CPF and Medisave, we had a safety net that caught us when we fell. It provided us with financial stability and peace of mind during the hardest times. I couldn’t imagine how our life would be if there is no financial stability.
As I look to the future, I am inspired by my father’s foresight. I am grateful for the CPF and Medisave systems that supported us. They not only helped us survive but also allowed us to continue living our lives without being burdened by financial stress.
I’ve learned the importance of planning and saving for the future. One day, I hope to be as prepared as my father was, ensuring that my family is always taken care of, no matter what happens.
CPF and Medisave provided my family with a lifeline when we needed it the most. Through my father’s careful planning, these funds ensured that we could continue living our lives and focus on building a better future.
-The End-
Her story got me thinking that CPF and Medisave do save lives, and it is really important to complete CPF nomination when one is alive. It helps with the whole legal process after death and ensures the funds are distributed according to the owner’s wishes.
This also strengthens my belief in my life-time career, and life-long calling to help everyone I meet with their financial planning throughout their life.
If you are interested to know more about CPF and Medisave functions or benefits; or engage personalized financial advice,
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 independent 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.
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