Can I use my savings for my maintenance medicine?
I have been saving money in my bank since I started my work. Years have passed and I want to use the money now to help my mother with her daily medications. I want to know if I could still use the money even though it is named after me. I want to help her financially so she does not have not to worry about it.
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A medical savings account is present Singapore which aims to provide a tax-advantaged savings account and provide both an investment and health coverage. It provides a fund for medical expenses, or if not, is an investment for future use for medicine. Additionally, it will allow a person to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses.