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Health Insurance
Health Insurance
A medical insurance or health insurance policy is a way to safeguard our health from the impact of illnesses as it helps reduce the financial impact as well as the mental stress associated with an illness.
Following are some of components of a good health plan:
• Hospitalisation cover: This ensures that medical expenses incurred on hospitalisation for more than 24 hours are covered by the insurance company. This may include room charges as well as the money spent towards the surgeon, medicines and other tests.
• Cashless claims: In a cashless claim, the hospitalisation expenses are directly settled between the hospital and the insurance company.
• Tax benefits: An insured person can receive a tax exemption on the premium paid, up to a significant amount each financial year. This means that while he is safeguarding himself, he is also reducing his tax deductions and saving money on a portion of his income.
• Pre & Post-hospitalisation expenses: Daily cash allowance and payment for treatments received prior to hospitalisation and during the recovery period are extremely beneficial, as the insured might not have an alternate source of income during those trying times.
• Floater plans: Floater plans cover the entire family under one policy and allow the coverage of the medical insurance policy to be shared among the family members
TAX BENEFITS :
Section 80D of the Income Tax Act provides for deduction of Health Insurance premium or Medical Insurance premium or Mediclaim premium from Gross Total Income.
Note :The Income Tax benefit available for Medical Insurance premium under Section 80D is separate and distinct from the tax benefits available under Section 80C.
Coverage
• Premium paid for insuring the health of the Individual, Spouse, Parents and dependant Children. Note the criterion of being dependant on the assessee is applicable only for Children. Thus Mediclaim premium paid for covering health of spouse or parents would be available regardless of whether or not they are dependant on the insurer
• Basic deduction: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 20,000.
• Additional deduction: Mediclaim premium paid for parents. Maximum deduction Rs 15,000. In case any of the parents covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000.
We also provide Group Insurance medical insurance policies for Corporates