The Benefits of Medical Treatment 80d for Your Health
No matter what the age is, everyone wants to stay healthy. Life is uncertain, and one cannot predict the mishaps that may occur. Hence, it’s always better to be prepared. This is where opting for medical treatment under Section 80d can be a wise decision.
Introduction
Medical expenses are skyrocketing each year, whether it’s for simple procedures or complex surgeries. The high cost of medical treatment can be a massive burden for an individual, especially if they do not have an insurance policy in place. Therefore, the government of India introduced Section 80d as a tax-saving measure that offers health insurance benefits. In this article, we’ll discuss the benefits of medical treatment 80d for your health.
Benefits of Medical Treatment under Section 80d
1. Tax Savings
Medical treatment under Section 80d offers significant tax savings. If you buy a health insurance policy for yourself or your family, you can claim a deduction of up to Rs. 25,000. If your parents are senior citizens, you can claim an additional deduction of up to Rs. 50,000. Thus, you can save up to Rs. 75,000 annually on your income tax by opting for medical treatment under Section 80d.
2. Comprehensive Health Coverage
Medical treatment under Section 80d offers comprehensive health coverage. The insurance company covers expenses related to hospitalization, daycare procedures, ambulance charges, etc. Besides, some insurance policies cover expenses related to critical illnesses such as cancer, heart attack, and stroke.
3. Cashless Treatment
Medical treatment under Section 80d also provides cashless treatment, which means that you don’t have to worry about arranging cash for hospitalization. The insurance company settles the expenses directly with the hospital. This facility can be of immense help in case of emergencies.
4. No Claim Bonus
Medical treatment under Section 80d offers a No-Claim bonus. The insurance company provides a bonus to the policyholder if they do not make a claim during the policy period. This bonus can be in the form of an increased sum assured, discount on premium, or free health check-up.
Real-life Examples
To make it more relatable, let’s take a look at some real-life examples.
A 35-year-old man named Raj recently underwent an open-heart surgery that lasted for around six hours, which cost him Rs. 10 lakh. Since he had opted for medical treatment under Section 80d, his insurance company covered the entire cost, and he didn’t have to worry about arranging the funds.
Another example is of a 50-year-old woman named Meera, who was diagnosed with cancer. Her medical expenses amounted to Rs. 8 lakh, which were entirely covered by her insurance company. She had opted for a policy that covered expenses related to critical illnesses.
Conclusion
In conclusion, medical treatment under Section 80d is an excellent option to ensure that you are financially prepared to handle any medical emergencies. It offers significant tax savings, comprehensive health coverage, cashless treatment, and a No-Claim bonus. Opting for a suitable health insurance policy under Section 80d can go a long way in securing your future.
