I realize that a lot of parents are still not very sure about the upcoming changes in the Baby Bonus Scheme. So here is a short post to let you know what is happening.
From 15 August 2008, parents wishing to make use of their Baby Bonus to pay for their child's medical bills can do it by simply using their Baby Bonus Card at our Clinic.
Two new banks have been appointed to take over the CDA accounts, viz OCBC and Standard Chartered. Parents can expect to earn higher interest at the new banks and also benefit from the more streamlined approach to paying their medical bills. Karri Family Clinic is an approved institution for the Baby Bonus and you will be able to use your new Baby Bonus Card at our Clinic like an ATM card using the NETS machine. The Baby Bonus Card may be used to pay all your medical bills at our clinic including vaccination packages, surgical procedures as well as the usual consultation and medications.
It is important to note that DBS will no longer be the managing agent for the CDA accounts as of 31 July 2008. Existing trustees of CDA accounts should have already been sent a kit which will include an option form for you to choose one of the two banks. The dateline for submission of this form is 30 June 2008. Once you have submitted the form, the bank will send you the Baby Bonus Card with the PIN number before August 2008. You will be able to use the card at our clinic from 15 August 2008.
If you do not submit the option form by 30 June, your CDA account will automatically be transferred randomly to one of the two banks by 7 August 2008. And you will need to apply for your Baby Bonus Cards from the appointed bank separately.
Parents of newborns after 1 June 2008 can open their accounts with one of the two new banks directly and you can use your Baby Bonus Card even if it is your first child. This would be most useful for paying for the vaccinations your baby will need.
So if you have not already done so, please submit your option forms by 30 June 2008.
We look forward to be of service to you.
For more information please visit the Baby Bonus Website by clicking here
You can read the press releases and FAQs here
Check out the OCBC Baby Bonus site