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.

Search other products or providers:

  • user image

    No Name

    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.

    2020.03.24 15:44

    Please leave your knowledge and opinion!

    Related Forums

    Can I save a lot of money?

    May I use the savings of my brother to pay a repossessed item?

    Can I sue someone who is sabotaging my life?

    What should I do? Someone hacked my bank account through my phone

    Who can recommend the ideal joint account suitable for couples?

    Can somebody tell me which is better for me, a savings account or a current account?

    Related Reviews

    You can get evacuated home for free thanks to the unlimited coverage for medical evacuations

    SOMPO TravelJoy Vital / Sompo Insurance Singapore

    This card is a very comprehensive travel insurance plan for travel to Japan. However even when you are not travelling to Japan, Sompo has come up with a pretty good solution for those with pre-existing medical conditions, as the Sompo Travel Joy Deluxe plan is worth considering, even if you’re not travelling to Japan. Should anything happen, you can get evacuated home for free thanks to the unlimited coverage for medical evacuations. Sompo loses out however when it comes to coverage of outdoor activities.

    A very good international reputation for its emergency assistance

    American Express VoyageGuard Travel Insurance Standard Plans / American Express International

    Even though you may purchase this travel insurance from American Express channels, every aspect of the after-sales support is taken care of by Chubb Insurance. Chubb has a very good international reputation for its emergency assistance, which is reassuring if you ever worry about such unforeseen circumstances and events occurring. They have an efficient emergency hotline assistance service, while claims can be submitted online with supporting documents through Chubb’s online portal.

    Covers pregnancy-related medical situations

    AVIVA Travel Plus / Aviva

    This Aviva travel insurance also covers pregnancy-related medical situations as long as the delivery date is at least 12 weeks away from your return to Singapore. Most other insurance companies are extremely reluctant to bear that risk but I should mention that if you’re planning to get married or engage in some pre-wedding photoshoot overseas, then take advantage of the nicely packaged add-on for comprehensive wedding coverage to help minimise the amount of freaking out over your special day.

    Just $30 for a week’s cover in Asia,and $44 for a week's cover in Europe and US.

    SOMPO TravelJoy Elite / Sompo Insurance Singapore

    Even as SOMPO is not cheap generally, they still try to remain competitive promotions like the generous 40% off, which makes the basic Sompo Travel Joy Vital plans affordable with just $30 for a week’s cover in Asia, and about $44 for a week in Europe and US. However, even with 40% off, be prepared to pay a premium for their GO Japan! Plan. It’ll still set you back close to $53 for a week’s coverage.

    Personal accident cover starts 3 hours before departure with a high medical coverage of up to S$600,000

    HSBC SmartTraveller (Essential Plan) / HSBC Bank Singapore

    This card allows you to pays up to $S20,000 under Trip Curtailment even if you have to remain overseas for medical treatment and pays up to S$12,000 for the unrecoverable deposits under Trip Cancellation. Your Personal Accident cover starts 3 hours before departure with a high medical coverage of up to S$600,000 for medical and accidental dental treatment whilst overseas with an automatic extension of policy for up to 30 days if you are hospitalized or placed under compulsory quarantine while overseas upon the written advice of a Doctor. You receive up to S$10,000 for lost personal effects and reimbursement to replace the essential items and an automatic extension of policy for up to 72 hours if you are unable to complete your trip as planned due to Public Transport delays that are not your fault

    Pay a fixed fee for continuous travel insurance throughout the year.

    Allianz Family Travel Insurance / Allianz Global Assistance Singapore

    Allianz Global Assistance provides decent travel insurance options for consumers and excels in two specific types of coverage which are coverage for travellers going on longer trips and for those traveling with children. Where most companies top out around three months.That I think is an essential feature for college students studying abroad or recent grads taking extended backpacking trips. Now if you’re a frequent business traveller, Allianz also offers four different annual plans, which allow you to pay a fixed fee for continuous travel insurance throughout the year.