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How To Gain Tax Benefits By Buying A Health Insurance


Health insurance acts as a boon to us in case of emergency or illness. You can avail back the entire amount paid as medical bills towards surgery or any kind of injury. You can take insurance for yourself as well as family members dependent on you. The premium has to be paid for all the insurance separately, but at the end, you will be eligible for deductions and tax benefits on health insurance. Health insurance has many benefits other than just this by paying the same amount of premium.

Facts Related to Health Insurance

There are many facts about health insurance which one ignores due to lack of awareness. Following points are important to know beforehand of an emergency:

1) Post-hospitalisation expenses: This is known as convalescence benefit or recovery benefit in insurance terms. In this, the insured will be given some amount of money post hospitalisation with the condition being that the insured should have taken the medical treatment in the hospital for 10 or more days. The reason for giving this benefit is that the insured was not able to work or perform any activity that would grant him any monetary resources in return so this amount would help him in his or her household expenses till he gets back to normal conditions.

2) Refill of sum insured: In health insurance, there is a scheme which the insured can avail during a policy period. However, in case the assured amount is already used before the end of the policy period then there is a clause through which you can claim back the amount. In this, the company indicates a white flag, and through this policy, the amount is refilled into the policy and the insured can not avail the benefits of the same during illness or surgery.

3) Attendant Allowance: In this policy, along with you, your caretaker will also be given allowances for their expenses. It will be given on a daily basis depending on the days of hospitalization and the amount would approximately cover the refreshment expenses.

4) Domiciliary cover: There are times when the patient is not in the condition of shifting to another ward, or there is no facility or space in the hospital to treat the patient immediately. During that time, after the doctor’s permission, the patient is eligible to get the treatment at his home. The expenses of domiciliary hospitalisation can be claimed in the same way under the health insurance policy.

5) Concierge Services: At emergency stages, the insured might need services like getting doctor’s appointments or say help in billing details etc. So, during that time, you will be charged some fee in return of such services. This concierge Services fee will be covered under the health insurance policy.

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