What is Health Insurance?
Why Health Insurance?
Income tax benefits
Coverage of medical expenses
Cashless claim service
Lifetime Renewability Benefit
Fincart understands a client's requirements and customised insurance plan fulfilling all the specifications with the assurance of good return and no risk.
Health insurance calculator supported by advance channel of technology.
Providing solutions to deal with the rising medical costs.
How much health insurance cover does one require?
To understand the required amount, there are a few things to consider: your current age, your hospital preference, your & family's health condition, affordability, etc. Healthcare costs vary from one hospital to another due to status & facilities. However, our relationship managers structure the health insurance coverage with a very high hospitalization coverage with the least possible premium. Further, these help you save tax optimally under section 80D of the Income Tax Act.
What medical expenditure does a Health Insurance Policy Cover?
A health insurance policy covers all medical expenses as per the terms and conditions mentioned in the policy documents. But today, most health insurance plans cover hospitalization expenses including daycare treatment, medical tests, ambulance charges, bed fees, specialist consultation charges, etc.
There are generally 2 kinds of medical expenses-
- Pre-hospitalization expense:
In Pre-hospitalisation medical expenses covers tests, including blood tests, urine tests, etc. The expenses you incur before getting admitted are called pre-hospitalization expenses.
- Post-hospitalization expense:
After you get discharged from the hospital, do the medical expenses stop? In most cases, it does not. The costs incurred after discharge is called post-hospitalization expenses. It generally includes medications, therapy, and medical tests to monitor your health and recovery.
Yes! Health insurance reduces our taxable income and our tax liability. Under Section 80D of the Income Tax Act, 1961 you can claim a deduction of Rs.25,000 on insurance for yourself, your spouse, and dependent children.
- An additional deduction for the insurance of parents is available up to Rs 25,000 if they are less than 60 years of age, which takes the total deduction to Rs 50,000.
- If the parents are aged above 60, the deduction amount is Rs 50,000. In this case, you can claim a total deduction of Rs 75,000 from which Rs 25,000 is on the premium paid for self, spouse, and dependent children.
- Whereas if both taxpayer and parents are 60 years or above, the maximum deduction available under this section goes up to Rs.1 lakh.
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