For some people their employers provide group mediclaim benefit where the employer takes on a group medical insurance policy for all its employees. An employee is also provided an opportunity to add their family members at specially negotiated rates.
While choosing a medical insurance policy, care must to be taken to evaluate on a minimum the following points:
- Types of medical ailments included / excluded by the policy;
- Excess amount specified under the policy;
- Coverage for pre-existing diseases;
- Cover for pre & post hospitalisation expenses;
- Reputation of the insurance company and ease of filing a claim;
- Support for cashless settlement of expenses; and
- Number of recognised hospitals that honour cashless settlements.
As per the current tax laws, medical insurance premiums paid by a person uptoRs. 15,000 are allowed as deduction in computing the taxable income for the respective person.