Union Budget 2021-22 Expectations for Health Care: This time the budget is going to be presented at a time when the coronavirus has had a huge impact on the country’s economy. At the same time due to the coronavirus epidemic, besides the healthcare sector, the health insurance industry has come into focus. It is believed that this time there may be some big announcements regarding health insurance. Experts associated with the health insurance sector also believe that this time the budget has been about health reform. The way the insurance sector has changed and innovated due to the coronavirus epidemic, the government may announce some relief to taxpayers.
The health insurance industry will remain in focus in the new year
According to ICICI Lombard Chief- Claim, Underwriting and Reinsurance, Sanjay Dutta, the prospects of health insurance have increased continuously due to the COVID epidemic. There have been many innovations in this field. Special benefit products related to COVID have been launched. Companies are providing home healthcare cover. The waiting period of the in-patient COVID claim was reduced to 15 days. At the same time, 2021 has come in the year, in such a situation, more and more customers will definitely include health insurance in their financial plan. At first, it was seen as a cost incurred on our own will. In such a situation, the health insurance industry will remain in focus even in the new year.
What is the wish list of the industry?
Mayank Bathwal, CEO, Aditya Birla Health Insurance, says that even before the global epidemic, health insurance was a growing sector. However, the epidemic has made the sector more special due to the nature of the safety net on health care costs. In this situation, it is necessary for every family to get health insurance, so that the health emergency can be protected against the cost. In such a situation, there are some expectations from the budget and this budget can remain focused on health reform.
He says that there should be some relief for personal taxpayers. Middle-class health spends a part of their hard-earned money on insurance for protection. Which sometimes may make them look like additional investment or expense instead of necessary investment.
Therefore, it becomes important to raise the prescribed limit of Mediclaim tax deduction up to Rs 1,00,000 (Rs 50,000 – Self and Spouse + Rs 50,000 – for parents) under Section 80D of the Income Tax Act. At the same time, the merged medical reimbursement in standard deduction during FY 2018 should be re-implemented with a tax deduction of Rs 50,000.
An epidemic like Corona Varais can come anytime
Former President of the Indian Medical Association, Dr. KK Aggarwal, says that in view of the coronavirus epidemic this time, the expectations from the government on the health budget are very high. They say that an epidemic like coronavirus can occur in the world or country at any time. In the past, many kinds of epidemics have disturbed the world. He says that in view of such an epidemic, the government needs to completely restructure its health budget.