Retirement Account and $40,500 in their Medisave Account. Over the years, the draw down age has been progressively delayed from 60 to 65. For the cohort who reached age 55 in 2016, only 53% of those who are active members met the Minimum Sum requirement, leaving 47% failing to do so. CPF Life Members with at least $40,000 in their Retirement Account at 55 or at least $60,000 at 65 years old will be asked to select a CPF LIFE annuity plan, which will give them an income for life, starting from their draw down age. Those who are not on CPF LIFE can choose to join it or continue to keep the monies in their Retirement Account. It improves upon the Minimum Sum Scheme where payouts only last about 20 years. No minimum amount of RA savings will be needed to join CPF LIFE, however the monthly payout depends on the RA savings. Thus, members with lower RA balances will receive correspondingly lower monthly payouts. Members who have a life annuity from an insurance company that provides equivalent benefits to that of CPF LIFE may be exempted from joining the scheme. Medical Schemes Medisave Medisave may be used to cover self or dependents' hospitalisation expenses. It may also be used for certain outpatient treatments like chemotherapy and radiotherapy treatments. The Basic Healthcare Sum (BHS) is the maximum amount a citizen member can have in their MediSave account and is the estimated savings they need in their MediSave Account for their basic subsidised healthcare needs in old age. Part of citizen members' working contributions will be allocated to their MA until their balance reaches the Basic Healthcare Sum (BHS). Amounts above the BHS will be transferred to citizen members' other CPF accounts, depending on their age. Since 1 January 2004, CPF members who turn 55 and are able to meet the CPF Minimum Sum are required to set aside the Medisave Minimum Sum (MMS) in their MA when they make a CPF withdrawal. The MMS is set at $40,500 from 1 July 2013. OA and/or SA balances in excess of the Minimum Sum will be used to top up the MMS if it is insufficient. Medishield Life MediShield Life is a catastrophic care scheme to help citizens and their dependents to meet the high medical costs of prolonged or serious illnesses. Medisave savings may be used to cover the premiums