HOW TO CHECK CHILD CPF MEDISAVE ONLINE! Teach compounding interest!
All Singapore Citizen newborns qualify for the "MediSave Grant for Newborns" which is $4,000.
The CPF MediSave account will be opened automatically and the grant will be credited.
You may use this medisave for your child’s healthcare expenses, such as MediShield Life premiums, recommended childhood vaccinations, hospitalisation and approved outpatient treatments.
Note: If your child is not a Singapore Citizen at birth, the grant amount will depend on the date that he/she becomes a Singapore Citizen.
HOW TO CHECK FOR CHILD CPF MEDISAVE ONLINE
CPF has now made it easy to log in to check online as the parent.
Once you log in, look for "my cpf" - "My Dashboards" and then CHILD.
You'd need to authorise it and once that is done, you can see your "child's dashboard".
I have two boys and both are now visible in my cpf online with a drop down selection.
WHAT CAN YOU SEE IN YOUR CHILD CPF
Since I haven't voluntary contributed to my son's CPF accounts, there is only the medisave grant amount there with some previous interest and deductions.
CPF interest is credited every 31dec.
Screenshot below is on my younger son's CPF.
This information of CPF medisave balance comes in handy if you need to use the medisave to pay for any bill.
TEACHING CHILDREN THE CONCEPT OF COMPOUNDING INTEREST
There's another use I am a BIG fan of, which is to teach compounding interest to the kids.
The image below is from my elder son's CPF account and it clearly has MORE INTEREST!
I asked him : "why do you have more than DI DI?"
He came up with some "lame reason"... (which I can't remember now)
And I simply corrected him with the concept of accumulated interest earned and more importantly interest on interest! (aka compounding interest)
As you can see, his interest in 31dec2020 is $233.52 while interest for 31dec2021 is HIGHER AT $245.28!
TOPPING UP TO CHILD MEDISAVE OR CPF ACCOUNTS
Do note that the first $60,000 in CPF gets an extra 1%.
Hence, the kids are getting 5%pa.
If you are keen to top up for them, you can do so with your CASH
STEP 1: Visit CPF’s e-Cashier page
STEP 2: Input your child’s NRIC number (NOT YOURS!) under the Payer’s CPF Account Number/NRIC
STEP 3: Choose either contribute to my three CPF accounts OR contribute to my medisave account
Conclusion
To understand more on CPF for child, check this link on viewing child CPF statement online
Personally, I'm still preferring to contribute to child CDA account as the amounts are versatile.
Contributing to child OA can be helpful for future home purchase but contributing to SA doesn't see fruits until he/she is aged 55.
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