The beginning of a financial year reminds you of one thing, i.e. your tax saving investments for sure. And, the same should not be missed at your end if you are an intelligent investor. Nevertheless, if not then you must consult your tax advisor and plan where to invest to save in taxes this year.
On your way to planning how to save in taxes, you must be exploring various investment schemes available as per your eligibility and affordability. If you have not started already, then you need to act on a serious note and kick begin your investment in some plans that can offer you good returns in the future. At the same time, do not forget to see if the particular investment has tax benefits for you. If it does not offer any tax benefit, you probably not find yourself interested in it. When it comes to saving in taxes with guaranteed benefits, a health insurance policy in India is a great option to pick, especially when you are not very much used to making investments. Health insurance is a long-term investment that provides tax benefits, which can reduce your taxable income by up to Rs. 1, 00,000. In addition to tax benefits, health insurance (also known as mediclaim) policies also provide comprehensive cover against expenses arising from medical emergencies that lead to hospitalization. Best health insurance policies provide coverage for a range critical illnesses, including heart attack, stroke, kidney failure, organ transplantation etc., typically require an extra premium payment. You also get to choose from a wide range of hospitals all over India when needed. If you need to get hospitalized in a medical emergency, your insurance coverage allows you to avail treatment at the hospital of your choice out of the whole large network. You can also plan your hospitalization and inform your insurer in advance in order to process the required formalities prior to the date of hospitalization. How does a Health Insurance policy work? Being the policyholder, health insurance policies entitle you to receive quality healthcare treatment at a hospital of your choice. Once you are insured, you can avail treatment whenever you need by showing the health card issued by the insurer, in case of a medical emergency. While in the case of planned hospitalization, you can pre-inform your insurer about the same. If you need to get hospitalized all of a sudden, you can get the expenses reimbursed later. This requires you to submit a few documents for a smooth verification of your treatment. Once the formalities are done, you most likely get the reimbursement for your claim. Tax Benefits of Health Insurance You might have a thought about tax benefit of health insurance and you preferred to call your tax advisor. Irrespective of what you got to know from your expert, read the following key points to know more about tax benefit of health insurance plans
However, they need to know that they can also claim health insurance benefits for their parent under the same policy. Before investing in a health plan for self, find the best health insurance plan as per your requirements and affordability. If your health policy covers your parents too, they can also avail the same benefits as you do.
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