Starting in January 2026, Singapore will launch the Matched MediSave Scheme (MMS), a program aimed at strengthening healthcare savings for older citizens. This initiative is designed for Singaporeans between the ages of 55 and 70, giving them an opportunity to grow their MediSave balances with direct government support. The scheme provides a simple yet powerful incentive: for every dollar a senior or their family contributes voluntarily into their MediSave Account, the Government will match that contribution dollar-for-dollar, up to $1,000 per year.
Over the course of five years, participants could potentially receive up to $5,000 in matching grants, in addition to their own savings. With healthcare costs rising and lifespans getting longer, this scheme comes at the right time to help seniors prepare for their retirement years.
How the Matching System Will Work
The structure of the Matched MediSave Scheme is very straightforward. If an eligible senior makes a top-up in 2026, the Government will provide a matching grant the following year. For example, if a 60-year-old puts in $800, the same amount of $800 will be credited by the Government in early 2027. If the contribution is higher, say $1,500, the grant will still be capped at $1,000 for that year.
This design ensures that the scheme remains fair and consistent while encouraging people to contribute steadily over the five-year period from 2026 to 2030. On top of this, MediSave balances earn attractive CPF interest rates of up to 6% per year. This means that the combined savings and matching grants will not just sit idle but will continue to grow, giving seniors more security for future medical expenses. For more information and official updates, seniors can always refer to the CPF Board website.
Who Will Be Eligible
One of the key features of this scheme is that seniors do not need to apply. Eligibility will be automatically assessed by the CPF Board every year, which makes the process seamless. To qualify, participants must be Singapore Citizens aged between 55 and 70 years as of 31 December of that year. There are also financial conditions to ensure that the scheme supports those who need it most. Seniors must earn a monthly income of not more than $4,000, live in a property with an annual value of $21,000 or below, and own no more than one property. In addition, their MediSave balance must be less than half of the prevailing Basic Healthcare Sum. By applying these criteria, the Government ensures that the benefits go to citizens who may have fewer resources set aside for healthcare.
Why This Scheme Matters for Retirement Planning
The introduction of MMS represents more than just an additional grant. For seniors, it means being able to rely on stronger savings when facing medical costs in retirement. Hospital bills, outpatient visits, and even long-term care can quickly add up, but a healthy MediSave balance offers a reliable cushion. Families also benefit, as they are less likely to face the stress of covering large out-of-pocket expenses for elderly parents. On a broader level, this scheme strengthens Singapore’s healthcare financing system. By encouraging savings and providing generous matching support, it reduces the pressure on government subsidies and ensures that more citizens remain financially independent. With life expectancy continuing to rise, this type of forward-looking policy is necessary to keep the healthcare system sustainable.
What About Tax Relief?
Many Singaporeans are familiar with the tax relief benefits that come with CPF top-ups. Currently, voluntary top-ups can qualify for tax relief of up to $16,000 per year. However, contributions that are matched under the Matched MediSave Scheme will not be eligible for tax relief. This rule ensures that citizens do not receive double benefits. That being said, any additional top-ups made outside the MMS may still qualify for tax deductions. This allows Singaporeans to strike a balance between maximizing government grants and optimizing tax benefits. For full details, individuals should check the latest information from the Inland Revenue Authority of Singapore (IRAS).
How to Get Help and Information
Seniors who qualify will receive direct notification from the CPF Board, either through letters or emails. This removes the need for applications and keeps the process simple. Those who want more details can contact CPF directly through the official hotline at 1800-222-3399. For Singaporeans living abroad, the overseas line is +65-6222-3399. Citizens can also book appointments online if they prefer a face-to-face consultation at CPF service centres. Calls to 1800 numbers are free from local landlines, although mobile providers may charge for calls. The CPF website also provides clear guides and FAQs to help members better understand how the scheme works and how it will affect their retirement planning.
A Stronger Safety Net for the Future
The Matched MediSave Scheme is an important move that blends government support with personal responsibility. By rewarding voluntary savings with up to $5,000 in matching grants, it gives seniors the confidence that their healthcare needs in retirement will be better covered. As Singapore faces the challenges of an ageing population and rising medical costs, this initiative adds a valuable layer of financial security. For seniors aged 55 to 70, the next five years will present a golden opportunity to strengthen their MediSave balances and enjoy greater peace of mind. With thoughtful planning and consistent contributions, the benefits of this scheme will go a long way in ensuring healthier, more secure retirements for generations to come.