More tax exemption may be available in the budget for health insurance – India TV Hindi

experts Before the budget, it has suggested increasing the tax exemption limit on health insurance premium and also giving its benefit in the new tax system. Finance Minister Nirmala Sitharaman will present the budget for 2024-25 on July 23. This will be the first major policy document of the third term of the Narendra Modi government. Anoop Rau, managing director and chief executive officer (CEO) of insurance company Future Generali India Insurance, said that despite the significant increase in health care costs across the country, the limit on deduction on health insurance premium under Section 80D of the Income Tax Act has remained the same for the last nine years. remains unchanged.

Health insurance limit should be linked to inflation

“It would be best if the medical insurance limit is linked to inflation and revised automatically every one-two years,” he said. Also, there is a need to increase the benefits of health insurance in the new tax regime, as it is important to increase its reach. Therefore, we hope that some increase in the exemption limit on health insurance premiums will be announced in the upcoming Budget. Tapan Singhal, Managing Director and Chief Executive Officer, Bajaj Allianz General Insurance, said that health insurance will be offered to employees at lower rates. Reforms such as reduction in GST on health insurance premiums and increase in exemption limit under 80D will make health insurance more affordable and accessible.

Limit of Rs 5 lakh is not enough for diseases like cancer

“Additionally, removing the cap on deduction for health insurance premium for senior citizens will significantly reduce their financial burden,” Singhal said. DS Negi, chief executive officer, Rajiv Gandhi Cancer Institute and Research Center (RGCIRC), said. That it is important to focus on improving cancer care in the country. It is important to ensure that all patients have access to these cutting-edge treatments.” He said, ”Extending Ayushman Bharat to those above 70 years of age will be extremely beneficial for senior citizens. It also needs to be noted that the current limit of Rs 5 lakh is not sufficient for serious diseases like cancer. The cost of treatment of this disease can be up to Rs 15-20 lakh.

Highest customs duty on medical devices in India

Medical Technology Association of India (M-TAI) President Pawan Chaudhary said the customs duties and taxes imposed on medical devices in India are the highest in the world and directly impact patients. “On the other hand, countries like Singapore, Hong Kong, Italy and Norway do not impose any such fee,” he said. Australia and Japan charge only a minimum fee of 0.5 percent. Whereas in America it is two percent and in China it is three percent. He said, “In such a situation, there is a risk of illegal import of medical equipment into India. This type of trade will reduce the country’s revenue.

Latest Business News