Budget Expectation: The GST rate on health insurance should be reduced from 18% to 5%. Further, income from annuity plans should also be exempted from tax to encourage adoption of pension products.
Budget Expectation: Health insurance acts as a protective shield for any common man in case of a medical emergency. Due to the Corona epidemic, the awareness of health insurance among the people has increased a lot. In such a situation, the insurance industry has developed rapidly to meet the growing demand for health insurance. Therefore, it is necessary that in view of the increasing demand for health insurance, steps should be taken in the interest of the people.
These steps should be taken in the budget
Siddharth Singhal, Business Head (Health Insurance), Policybazaar.com , says that the limit of tax benefit under Section 80D should be increased to at least 1 lakh. Also, the GST rate on health insurance should be reduced from 18% to 5% to make it more cost-effective for the end consumer. Further, income from annuity plans should also be exempted from tax to encourage them to adopt pension products.
Singhal says that the insurance industry is continuously working to meet the needs of the common citizen. Any person should choose the right plan keeping in mind his needs while buying a health insurance plan. Various add-on plans like OPD cover, maternity cover are also available in the market along with health insurance plans.
A normal health insurance plan only covers the cost of hospitalization, but if you add OPD cover with a health insurance policy by paying a slightly higher premium, then more hospitalization and pre-hospitalization costs are covered. Post-come expenses like medical consultation, regular check-up, diagnostic etc. will also be covered under health insurance.
Read More : Health insurance! IRDA changed the rules of health insurance, know before taking a health plan
