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    Budget 2023 can help you in dealing with rising healthcare costs

    In the upcoming Budget 2023, FM Nirmala Sitharaman could go for an increase in the section 80D limit to make health covers more attractive for taxpayers at a time when medical expenses are rising.

    Moneycontrol News
    January 17, 2023 / 03:21 PM IST
    Rising healthcare costs have also pushed health cover premiums up. Budget can offer some respite to taxpayers.

    Rising healthcare costs have also pushed health cover premiums up. Budget can offer some respite to taxpayers.

    Rising healthcare costs have burned a hole in middle class’ pockets as it grapples with higher inflation in daily household items. This has increased health cover premiums as well and experts are calling for an increase in the limit under section 80D to offer respite to the taxpayers.

    Health insurance penetration is still abysmally low in India and most of the expenses on healthcare are out of pocket. Healthcare costs have also risen after COVID and this is adding to the burden of a middle class household.

    The Budget can offer relief in terms of increasing the limit of section 80D under which taxpayers can claim deductions for health cover premium up to Rs 25,000 and for senior citizens up to Rs 50,000.

    “In a country where medical expenses are not totally free even in government hospitals, ideally, the government should provide a 100 percent deduction against medical expenses without any limit,”  Pankaj Mathpal, Founder, Optima Money Managers, said.