Medifund

Medifund is an endowment fund set up by the Government to help needy Singaporeans who are unable to pay for their medical expenses. Medifund acts as a safety net for those who cannot afford the subsidised bill charges, despite Medisave and MediShield coverage. Set up in April 1993 with an initial capital of S$200 million, the Government will inject capital into the fund when budget surpluses are available. The Government utilises the interest income from the capital sum, which stands at S$1.66 billion (FY 2008), to help needy patients who have exhausted all other means to pay their medical bills.
However, A new type of Medifund was introduced for the community to help needy patients.
Medifund Silver, with a set up capital sum of $500 million, was launched in November last year in restructured hospitals and institutions. In 2007, a total of $6.1m has been disbursed to these institutions to help needy patients under Medifund Silver. In April 2008, Medifund Silver will also be rolled out to the rest of the Medifund-approved institutions in the Intermediate and Long-Term Care sector to benefit more elderly patients.
With an ageing population, the Ministry of Health had decided to carve out a portion of Medifund as Medifund Silver to deliver assistance to needy elderly patients in a more targeted manner. Any Singaporean 65 years or above can apply for Medifund Silver which like Medifund serves as a safety net of last resort to those who are unable to afford basic healthcare despite heavy government subsidies, Medisave and MediShield.
In 2006, about one-third of the 290,000 beneficiaries of Medifund were over the age of 65. Demand for such financial aid by elderly Singaporeans is expected to grow as the number of Singaporeans over 65 years is estimated to grow to 336,400 by 2010.
Elderly needy patients who have problems paying their medical bills can approach the Medical Social Workers of Medifund-approved restructured hospitals, national centres for assistance. Local Medifund committees at the approved hospitals and institutions will decide on the appropriate level of assistance for the applications.

Credits to www.moh.gov.sg/mohcorp/pressreleases.aspx?id=18318