The CPF Annual Limit of $37,740 does not apply to Medisave top-ups starting in 2022.

But Medisave itself has a limit of $66,000 (2022). It's called the Basic Healthcare Sum (BHS). So you can can't top it up beyond BHS.

Copied from s://.cpf.gov.sg/member/infohub/educational-resources/six-changes-to-cpf-in-2022:

The amount you can top up to your MediSave is the difference between the Basic Healthcare Sum (BHS) and your current MediSave balances. Once the BHS has been reached, no further top-ups can be made to the MediSave Account. If the top-up causes the BHS to be exceeded, the full amount of the top-up will be refunded.

Previously, members had to consider both the CPF Annual Limit and the BHS for MediSave top-ups, but now there is only one limit – the BHS.