Rising medical expenditure can wreck havoc with your financial scheme of things. An effective Mediclaim policy will help you safeguard your future. Moreover it also affords you attractive tax saving schemes along with comprehensive coverage options. Below we provide some insights in to comprehensive coverage options along with some useful tips on how to save on tax at the same time.
Mediclaim policy offers coverage for medical expenditure arising due to accidents, sudden ailments and injuries. The policy and the insurer are the two main factors that will ultimately determine the coverage that you get. Many companies provide medical insurance for their employees, if not then one must avail a mediclaim policy cover from a reputable insurer. Under the revised clause of section 80D of the Income tax act, many insurance providers have floated mediclaim policies that give tax benefit options in addition to the core benefit of comprehensive coverage.
Such policies also cover benefits such as expenses in medicine, ambulance, dental cost and O P D (outpatient department) charges. Individuals can buy this novel meclaim policy and can subsequently claim tax deductions. The amount that can be claimed as deduction is set at Rs 20,000 and Rs 15,000 for senior citizen and normal citizen respectively for the amount of premium paid in the financial year. A senior citizen is the person who has attained the age of 65years.
In the newer mediclaim policies, an individual gets Rs 15,000 deduction for the premium paid towards health insurance for himself and his spouse and children. Moreover the good news is that the individual can get an additional claim deduction of Rs 15,000 on account of the premium paid for their parents.
So now it is easy to get comprehensive coverage and at the same time save high on tax by buying a Mediclaim policy.
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