Parents can tap CDA funds for wider range of services from July
Parents of young children will be able to dip into a special savings account co-funded by the Government to buy more items for their kids, and for a longer period of time.
From July onwards, parents can tap on the Child Development Account (CDA) funds for a wider range of services, such as to buy spectacles or prescription medicine and selected health-care items from pharmacies for their children.
Those with children with disabilities can also use it to buy assistive technology devices like special computer equipment.
Currently, these funds can only be used to pay for items such as childcare fees and approved insurance coverage.
With the expansion of the scheme, 700 more outlets will be added to the list in which the funds can be used.
From Jan 1, 2013, parents can also use the funds from the account, where their savings are matched dollar for dollar by the Government, until their child is 12.
Currently, the account closes when he turns six.
More details on the extension of the scheme will be announced later in the year.
