and tax saving schemes go hand in hand with various benefits offered to the people. Nowadays, due to high competitiveness in the market, public sector and private sector health Insurer
are offering customized and innovative health products that take care of the overall healthcare need of the customers. Apart from providing the safety aspect, Health Insurance
plans are known for acting as tax saving tools. Tax plans can be framed with the aspect of insurance in the picture.Types of health insurance (Individual & Family Floater)
Health insurance plans offered by various insurance providers are classified as individual health plans and family floaters. As the name suggests an individual plan means getting a policy to secure the health related aspects of just one person. Family floater plans are an extension of the individual health plans covering the whole family. The medical expenses and requirements of the complete family (spouse, children, parents) can be handled with family floater plans whereas only the requirements of an individual is taken care of in the individual plan. There are various benefits and disadvantages of both these plans but care has to be taken to choose the plan suitable for you and your family. The aspects of budget and Coverage
have to be considered before selecting the right plan.Benefits of Health Insurance Plan
Health insurance plans and Mediclaim
policies serve to be the best way to secure the health aspect of an individual and family. The coverage can differ based on the type of policy and the amount. Hospitalization
expense of the Insured
person/s is taken care of. Day care hospital expenses for dialysis, radio therapy, chemotherapy and other treatment methods will be covered based on the policy specifications. Additional expenses in the form of doctors fee, nursing fee, pre-hospitalization charges, maternity expenses, emergency ambulance expenses, post hospitalization charges are taken care of by the company. There are much more benefits of health insurance which provides timely help during conditions arising due to health ailments or accidents.Tax benefit on Health Insurance Premium (Under Section 80D)
All the forms of investment made in order to pay for health insurance
premiums are considered to be eligible for tax deductions under Section 80D of the Income Tax Act. Individuals can Claim
for the tax deductions if they have paid the health insurance premiums for self or for the family. Under Section 80D a person is eligible for a deduction of upto Rs 15,000 from his taxable income. In case of senior citizen, the deduction can be claimed upto the limit of Rs 20,000.
LIC of India, Birla Sun Life Insurance, HDFC life Insurance, ICICI Prudential, Bajaj Alliance and Tata AIG are some of the popular companies offering such tax saving insurance schemes. Health insurance policy can be considered to be a great investment that can be worth the money and is believed to be a wonderful option to secure oneself against medical emergencies.