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Medical Insurance As An Investment

by Martin McMullen
June 25, 2020
in Finance
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Medical Insurance As An Investment
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In most developed countries, individuals include health coverage in their overall financial plan. Unfortunately, in India, insurance penetration continues to remain low.

When you are young and healthy, you may avoid buying health coverage to save premium costs. But as you grow older, your health starts deteriorating, and you may feel the huge financial burden resulting from treating the associated ailments.

At this stage, you may want to procure a health insurance policy. However, you may find it difficult to get an insurer that offers the necessary coverage. Even if you can avail of health cover, it may come at a costly premium. Hence, it is a good idea to invest in medical insurance at the earliest.

How health insurance plans work

When you choose a suitable health insurance plan, you may rest assured, as your finances are protected in case you are diagnosed for any medical ailment. These plans cover:

  • In-patient hospitalization expenses, such as doctor’s and nurse’s charges, room rent, operation theater costs, surgeon’s and anesthetist’s fee, and cost of medicines, oxygen, and blood
  • Pre- and post-hospitalization charges as per the terms and conditions
  • Daycare treatment costs
  • Ambulance charges
  • Organ donor expenses

Several cashless health insurance policies restore benefits. In this offering, the facilities are reinstated in case the entire sum assured gets exhausted during the tenure. However, this is governed by some norms, and you need to understand them clearly.

How to save tax on health insurance premium

When you opt for health cover, you can avail of various advantages. The most important one is the health insurance tax benefit. Section 80D of the Income Tax Act, 1961 states that the premium paid on a health plan is eligible for tax deductions as below:

  Premium paid for self, spouse, and children (INR) Premium paid for dependent parents (INR) Total tax benefits (INR)
If you, your family members (spouse and kids), and parents are below 60 years 25,000 25,000 50,000
If you and your family members are less than 60 years old but parents are over 60 25,000 50,000 75,000
If you, your family members, and parents are over 60 years 50,000 50,000 1,00,000

Opting for a preventive health check-up is another way to save tax on health insurance. With this, you are eligible for a deduction of up to INR 5,000 within the overall limits.

If you have avail a good medical insurance plan, you can avail of the aforementioned tax deductions subject to restrictions of INR 25,000 or INR 50,000 depending on your age. The lump-sum is divided by the policy tenure to determine the amount that you can claim for tax benefits.

Increasing healthcare costs and expensive tests show that any medical emergency can be financially distressing without the right mediclaim insurance. So, be smart and invest in one today.

Martin McMullen
Martin McMullen
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