Tuesday, April 17, 2007
Baby Bonus savings can cover medical expenses from May 1st
From 1st May, parents will be able to use their Baby Bonus savings to pay for their children's medical bills. Minister for Community Development, Youth and Sports Dr Vivian Balakrishnan said the extension is aimed at lightening the financial load on parents. And hopefully, encourage Singapore couples to have more children. Raising two-year old Joel has been an expensive affair for his father Eugene Seah. Joel was hospitalised twice, and that used up $12,000 of the couple's savings. So parents like Eugene welcome news that Baby Bonus money could soon be used to pay for their children's medical expenses. He said: "I think cost is a major concern for a lot of parents in Singapore. Our child before the age of 2 was already hospitalised two times. So on hindsight it would have helped a lot!" Jelene Lee, Expectant Mother, says: "I think it's very good because right now it's only for use in schools." From May 1st, the Baby Bonus will be expanded to cover all medical fees from hospitalisation, to children's immunisation, outpatient consultation, medicine costs, and even dental treatment.