Health Insurance and Tax Saving: The changing lifestyles associated with this disease have knocked in almost every other Indian home. Due to this an average Indian family has also been exposed to major financial risks related to health issues. He may need to be hospitalized and treated at some time. The huge burden of treatment and hospital expenses can eliminate all savings in one go. But this burden can be reduced if adequate health insurance cover is taken.
Health insurance coverage can assure a secure financial future for you and your family. Apart from saving you from the shock of medical expenses, health insurance also plays an important role in saving tax. On the premium paid for a health insurance plan, you get the benefit of tax deduction under section 80D of the Income Tax Act. However, you can claim the deduction amount up to a limit. Let us understand how health insurance helps in saving tax –
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Keep these things in mind while planning
- To choose the right plan, it is important to analyze and compare different policies of different insurance companies.
- Buy a policy of a reputed insurance company that suits your needs and has a very good servicing and claim settlement record.
- You should also remember that affordable (affordable) policy may not always be good for you.
- The policy document should always be read carefully to understand the terms of the policy before making a final decision.
