It is always never EVER cheaper to merge financial instruments because of the administrative fees. If possible, buy the simplest things ever. Even if you have to buy 2 things.
Isn't Medisave itself what TS is looking for? Pay your Medishield or integrated shield premiums from Medisave. (You should get an integrated shield plan if you can afford it.) Pay your bills with Medisave if you incur them. But if you are blessed with good health and good luck, then leave it in there and it will compound 4-5% every year, risk-free. So what's not to like?
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