Health-care plans offer tax advantages. Section 80D of the Income Tax Act of 1961 allows you to deduct the premiums you pay for your health insurance. If you are under the age of 60, you can claim up to INR 25,000 in tax benefits on health insurance premiums for yourself, your spouse, and dependent children, as well as an extra INR 25,000 tax benefit for parents. If one of your parents is a senior citizen, you may be eligible for a tax benefit of up to INR 30,000.
Health is wealth, as the saying goes. Changing living patterns, rising pollution levels, and a slew of other issues all have a negative impact on one’s health. This could result in a variety of health problems and diseases.
The medical expenditures associated with treating such disorders are constantly rising.
It is vital to invest in health insurance plans in order to protect your funds from hefty medical expenditures.
All hospitalization costs, as well as pre-hospitalization and post-hospitalization costs, are covered under these policies.
Five primary benefits of purchasing a health-care plan are as follows:
1. Medical expenses are covered.
The primary goal of medical insurance is to ensure that you obtain the best medical treatment possible without putting your finances at risk. Health insurance plans provide coverage for unexpected medical expenses. It includes, among other things, hospitalization costs, day care procedures, domiciliary fees, and ambulance costs. As a result, instead of worrying about such huge charges, you may concentrate on your quick recovery.
2. Protection from critical illnesses
Critical illness insurance is currently available as a standalone plan or as a rider from most insurance companies. A policy like this protects you from life-threatening illnesses like renal failure, bone marrow transplant, stroke, and limb loss, among others. You are entitled to a lump sum payment if you are diagnosed with any of the severe illnesses listed on your policy’s preset list. This money can be used to pay for medical treatment, daily expenses, and other financial obligations related to your disease.
3. Claim benefit with no cash outlay
Many insurance companies provide a cashless claim option. You will not be required to make any out-of-pocket payments under this agreement. Your insurer and the hospital will work out the costs of your stay in the hospital. To be eligible for this benefit, you must be admitted to one of the insurer’s network hospitals. To use the cashless facility, fill out a pre-authorization form and show your health insurance card.
4. Additional protection in addition to your employer’s insurance
A group insurance plan is used by many companies to protect their employees. Such policies, on the other hand, are not tailored to the specific demands of each individual. Furthermore, you may be left uninsured in the event of a job loss or change. Purchase individual health insurance to protect yourself in the event of such an occurrence.
5. Tax advantages
Health-care plans offer tax advantages.
Section 80D of the Income Tax Act of 1961 allows you to deduct the premiums you pay for your health insurance. The following is the amount of deduction:
Individuals are entitled to Rs. 25,000 for themselves and their families.
If an individual or spouse is 60 years old or older, a deduction of Rs 50,000 is available.
An additional deduction of Rs. 25,000 if parents are under 60 years old and Rs. 50,000 if parents are 60 years old or more is allowed for insurance of parents (father or mother or both, whether dependent or not).
Medical expenses up to Rs 50,000 shall be allowed for uninsured super senior citizens (80 years or more).This provision allows a deduction of Rs. 5000 for the payment of a preventative health check-up for the individual or his family members, which includes his spouse, parents, and dependent children.
This deduction is in addition to the above-mentioned deduction of Rs.25000/50000, however it is included in the above-mentioned deduction.
Keep these benefits in mind when you choose among the many medical insurance policies on the market. Choose the ideal plan for you based on your unique needs and requirements, and don’t lose out on all of these benefits.