Doctors and financial experts usually do not have much in common. Their professions are worlds apart, and their advice is solicited for for different reasons. However, one thing they will both agree on is the importance of having a health insurance policy.
From a healthcare perspective, having a good insurance policy will ensure that money is never a problem during a medical emergency. And from a finance perspective, a health insurance policy will also ensure you get the better of the tax monster at the end of every financial year.
In essence, a health insurance policy provides two huge benefits — it safeguards you from skyrocketing medical costs and helps save on taxes as well. To give you a better understanding, this article will highlight the tax benefits of a health insurance policy, and why you should get a policy today!
As per Section 80D of the Indian Income Tax Act, Health insurance tax benefits can range from Rs25,000 to Rs1,00,000. The total benefit you can get depends on your age and the age of your parents (if you pay your parent’s health insurance premium). The table will give you a better idea.
Therefore, if your income is taxable, a health insurance plan will ensure you pay less towards tax every year. But this is not the main purpose of a health insurance policy — its primary purpose is to ensure the following:
As mentioned earlier, the cost of medical care is going through the roof. However, when you buy health insurance, it ensures you will be able to handle these costs with ease. Most plans have a wide network of hospitals at which you can avail yourself of cashless treatment. Even if cashless treatment isn’t on the table, you will be reimbursed for expenses!
With health insurance, you have access to the best procedures and treatments possible. This allows you to get the treatment you need, not the treatment you can afford.
Health insurance insulates you from the cost of medical expenses, gives you access to top-of-the-line treatments and helps you save taxes too. All this comes at a minimal price tag if you buy health insurance at a young age!
So, there you have it — health insurance has many benefits including tax benefits. If you don’t have a plan, it makes sense to start looking for one right now. Just remember to keep these things in mind before buying your policy.
Hope this has been helpful. Good luck finding the perfect health insurance for you!
The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus
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