BHS increased to $52,000 – $346,000 at 65?

Piggy bank in the hands of the doctor.Piggy bank in the hands of the doctor.

Basic Healthcare Sum increased to $52,000

The Basic Healthcare Sum has been increased from $49,800 to $52,000, from 1 January 2017.

Got announce in media?

I don’t remember reading about this increase in the media.

Did you?

4.4% increase in 1 year?

So, the BHS increased by $2,200 or about 4.4 per cent in one year.

Cohort basis changed to age 65?

As the BHS is on a cohort basis at age 65 – it will not increase for those who are 65 years old.

I believe this is a departure from past cohort based CPF schemes’ amounts which I understand has always been at age 55.

So, why the apparent change now?

Got announce in media?

Was this announced in the media or Parliament?

$346,000 BHS when you are 65?

If you are say 21 years old now – can you imagine what your BHS may be when you are 65? ($345,800 ($52,000 compounded at 4.4 per cent for 44 years?))

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.