Careshield Life Deduction on 20 Oct 2024

[JuniorLion]

If you want more tax relief, do top up your Medisave Account by end of the day (or at least before your pay comes in).

 

[chiokcc]

Eh, my deduction is not in October leh .....

 

[BBCWatcher]

If you want more tax relief, do top up your Medisave Account by end of the day (or at least before your pay comes in).

Let's suppose your CareShield Life premium is deducted from your MediSave Account today (October 20, 2024), which I assume is your situation. In that case the best day to make a Voluntary Contribution to your MA (for tax relief) is October 31. Or maybe October 30 if you want a one day safety margin. That's so that you can earn MA interest on that money starting from November 1.

HOWEVER, if your October payroll cycle contributions hit any earlier AND you're trying to squeeze your contribution below the Basic Healthcare Sum (because your premium opened up room for you below the BHS) then you want to beat that payroll cycle. For example, if your employer ordinarily credits your contributions on the last working day of the month then that's October 30 (since October 31 is a public holiday). In that case, make your contribution 2 days earlier, on October 28, so you safely beat the payroll cycle. If your October payroll cycle contributions will hit in November, don't worry about them.

You don't get any extra credit for making a voluntary contribution any earlier. No additional tax relief, no additional CPF interest. However, you'll lose some bank interest (presumably) on the cash you're using if you move the money earlier than necessary.

 

[sohguanh]

If you want more tax relief, do top up your Medisave Account by end of the day (or at least before your pay comes in).

I think not everyone is in Oct. But thanks for sharing though.

 

[JuniorLion]

I think not everyone is in Oct. But thanks for sharing though.

I think not everyone is in Oct. But thanks for sharing though.

You're welcome.

 

[Sambuca78]

There was an deduction of 1154 from my MA on 9th last month, which i wasn't aware of it. Then my contribution came in on 17th, hence i only managed to top up 400+.

Is there anyway to have SMS or emails alerts whenever there is a CPF deduction? Thanks.

 

[BBCWatcher]

Is there anyway to have SMS or emails alerts whenever there is a CPF deduction? Thanks.

I think the CPF Mobile App will let you know if there's a MediSave deduction provided you've enabled push notifications from the app. But I'm not entirely sure if those push messages include medical premium deductions (MediShield Life, CareShield Life).

 

[JuniorLion]

There was an deduction of 1154 from my MA on 9th last month, which i wasn't aware of it. Then my contribution came in on 17th, hence i only managed to top up 400+.

Is there anyway to have SMS or emails alerts whenever there is a CPF deduction? Thanks.

I based it on last year. That was 18 Oct 2023.

 

[dgeralds]

I think the CPF Mobile App will let you know if there's a MediSave deduction provided you've enabled push notifications from the app. But I'm not entirely sure if those push messages include medical premium deductions (MediShield Life, CareShield Life).

My app notification is enabled. When my company CPF comes in I get notification. But no notifications for ALL premium deductions... ......I put a reminder on my phone to monitor.

 

[JuniorLion]

My app notification is enabled. When my company CPF comes in I get notification. But no notifications for ALL premium deductions... ......I put a reminder on my phone to monitor.

Same here .

 

[ctan84]

My app notification is enabled. When my company CPF comes in I get notification. But no notifications for ALL premium deductions... ......I put a reminder on my phone to monitor.

You can opt in for email updates loh. So when there's deduction you will get an email.

 

[reddevil0728]

You can opt in for email updates loh. So when there's deduction you will get an email.

got meh?

 

[wutawa]

Actually I don't want all these email updates. Very annoying

 

[ctan84]

got meh?

Don't have for you then too bad loh.

 

[dgeralds]

You can opt in for email updates loh. So when there's deduction you will get an email.

very surprising.

https://www.cpf.gov.sg/service/arti...ere made to,details maintained with CPF Board.

"Why was I notified of my MediSave deduction via a different notification mode before and after 12 June 2023?
As part of our continuous effort to enhance our members’ experience, we have made changes to the notifications we send. These changes were made to ensure alignment with other types of notifications that our members receive from us.

With effect from 12 June 2023, we have started notifying members of their MediSave deductions for medical expenses via email or SMS using their contact details maintained with CPF Board. You may verify that the notification is legitimate by checking that that the sender’s email address ends with @e.cpf.gov.sg, and the SMS sender ID is 'gov.sg'. The SMS will also begin with "Central Provident Fund Board".

If you have installed the CPF Mobile App and enabled push notifications, you will receive push notification alerts on your mobile phone as an additional notification.

We encourage you to keep your contact details updated so that you can receive timely notifications. You may update your mobile number and/or email address via the Account settings page on CPF website, after logging in with your Singpass. An SMS or email One-Time PIN (OTP) will be sent to your new mobile number or email address for verification before the changes take effect."

But go into accounts settings, I see ONLY the following!

"Subscription​

You are currently subscribed to
CPF educational content and events
CPF Contribution Alert when monthly CPF contributions are credited
CPF Monthly Transaction Statement"

No provision to MediSave deduction notification.

 

[ctan84]

very surprising.

https://www.cpf.gov.sg/service/article/why-was-i-notified-of-my-medisave-deduction-via-a-different-notification-mode-before-and-after-12-june-2023#:~:text=These changes were made to,details maintained with CPF Board.

"Why was I notified of my MediSave deduction via a different notification mode before and after 12 June 2023?
As part of our continuous effort to enhance our members’ experience, we have made changes to the notifications we send. These changes were made to ensure alignment with other types of notifications that our members receive from us.

With effect from 12 June 2023, we have started notifying members of their MediSave deductions for medical expenses via email or SMS using their contact details maintained with CPF Board. You may verify that the notification is legitimate by checking that that the sender’s email address ends with @e.cpf.gov.sg, and the SMS sender ID is 'gov.sg'. The SMS will also begin with "Central Provident Fund Board".

If you have installed the CPF Mobile App and enabled push notifications, you will receive push notification alerts on your mobile phone as an additional notification.

We encourage you to keep your contact details updated so that you can receive timely notifications. You may update your mobile number and/or email address via the Account settings page on CPF website, after logging in with your Singpass. An SMS or email One-Time PIN (OTP) will be sent to your new mobile number or email address for verification before the changes take effect."

But go into accounts settings, I see ONLY the following!

"Subscription​

You are currently subscribed to
CPF educational content and events
CPF Contribution Alert when monthly CPF contributions are credited
CPF Monthly Transaction Statement"

No provision to MediSave deduction notification.

Don't know about your account but I certainly did get an email to inform me about the careshield deduction recently.

 

[maumu]

indeed, I also received an email on 8 Oct from CPF notifying me about the deduction for CareShield Life premiums. but there's no mention of date of deduction. Just checked my CPF mobile... no deduction whatsoever yet.

I checked my email history and true enough, since CareShield Life started in 2022, the past two years the notification email was sent in October, but the deduction was only in December.

so I guess this year the deduction will again be in December.

maybe it's different period of deduction based on individual's birth dates?

 

[JuniorLion]

Usually; the email is sent 2 months in advance. Mine was sent in Aug, and deducted today.