Budget 2020: Will tax benefit on health insurance premium increase to Rs 50,000?

Budget 2020 income tax: The cost of hospitalisation is rising and medical treatments are becoming more expensive. It is estimated that medical inflation is more than the general rate of inflation. This is putting pressure on one’s out-of-pocket medical expenses. With the Budget 2020 coming up, the general insurance industry expects some relief for the health insurance industry that could help individuals to get more insurance coverage. “The industry is hoping the tax deduction cap for medical insurance under Sec. 80D to be increased further from Rs. 25,000 to Rs. 50,000 for self, and from Rs 50,000 to Rs 75,000 for dependent parents. This will be a huge relief for those who are struggling to meet rising healthcare costs,” says Pushan Mahapatra, MD & CEO of SBI General Insurance. The Budget 2020-21 may bring some relief to the health insurance buyers in the country.

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