Singapore being a welcome state, follows its own social security model, to offer support to eligible households to support them with the rising household expenses. More specifically, the GST Voucher (GSTV) scheme was introduced by the Government of Singapore in 2012 to help families from the lower-income strata deal with their GST expenses. Under this scheme, the government offers dole in the form of cash, Medisave top-up, and U-save payments. In this article, we’re going to take you up and close with GST – Medisave benefits, offered by the government.
According to government estimates, around 1.6 million eligible Singaporeans are expected to receive Medisave top-ups and GST vouchers to an estimated tune of S$1 billion in 2018. We understand one thing though! These stats and generic information hold no value to you unless you or someone close to you are eligible for this scheme. So without further ado, let’s take you to the most important topic of discussion – eligibility criteria.
Here are the conditions you’ll have to meet to be eligible for this grant:
If you’re wondering what the annual value of a property is, it is the roughly appraised annual rent that you can expect from your property. The annual value cap for all HDB flats and some lower-range private properties has been fixed at S$21,000. This value is used by the government to decide your property tax value and it can be found on your property tax invoice.Are You Eligible to signup for This Welfare Scheme in 2018? Here’s How You Can Find Out:
You can check your eligibility for the scheme each year in July. The criteria and the details have been made available since 1 July 2018, for this year. You’ll, however, need your SingPass login details to access the information.
Have you previously subscribed to any of the government payout schemes such as the GSTV, the GST credits scheme, or the growth dividend payouts? If your answer is yes, then you won’t have to do anything more. If you’re eligible for this grant in 2018, you’ll be automatically enrolled into it and get the payments.
However, if you’re eligible but yet to sign up, you may do so by visiting the GSTV website, or by collecting a hard copy form from community centres, and filling it out. You have until 31 December 2018 to get signed up. The sign-up process has already begun on 1 July 2018.
If you subscribe for this dole by 24 July 2018, your Medisave top-ups will be initiated on 1 August 2018.
If you sign up between 25 July 2018 and 31 December 2018, the payout will be initiated from 4 August 2018. It may take up to 10 business days for the government grant to be credited to your CPF Medisave Account.
This year onwards, you have been given the chance to help the government in its paperless and eco-friendly initiative. If you had registered your mobile number with SingPass, you must have received an SMS notification on 28 June 2018 and 29 June 2018. On receiving the notification, all you had to do was visit the relevant website to view your benefits.
The government had also decided that only those aged 59 years and above in 2018 would receive both SMS notifications and hard copy letters, if eligible. Otherwise, if your mobile number is updated on the SingPass website, you would have got an SMS notification only.
|Annual Value of Property as of 31 December 2017||Your Age in 2018 (in years)|
|65 to 74||75 to 84||85 and above|
|Up to S$13,000||S$250||S$350||S$450|
|From S$13,001 to S$21,000||S$150||S$250||S$350|
In addition, if you’re aged at least 59 years in 2018 and you’re not eligible for Pioneer Generation (PG) benefits, you’ll also be eligible for a 5-year CPF Medisave top-up of up to S$200, depending on the annual value of your property.
If you’re eligible for PG benefits, you can receive up to S$800, depending on your age.
Once the grant has been transferred to your CPF Medisave Account (MA), it’ll be governed by the same rules that apply to your general CPF savings.
You may use these monies to pay for hospitalisation expenses, approved outpatient treatments, and day-surgeries for yourself or your dependents, subject to CPF terms and conditions.
Remember that you’ll have to satisfy the criteria pertaining to your age, annual value of property, and the number of properties owned simultaneously, where applicable to be eligible for this welfare scheme. If you’re eligible but yet to sign up, it is recommended that you to act promptly. After all, a little largesse has never hurt anyone.