#Medical - Business Outrank

The executives of the insurance industry have pressured the government to offer tax relief to household medical bills and post retirement income in Budget 2026-27. They claim increase in healthcare expenses and minimal deductions put a strain on family finances. We read increasing demands to change insurance to make it more workable toward its daily needs, instead of merely emergency cases in the hospitals. The leaders of health insurance mentioned that the largest portion of expenditure occurs outside the hospital. Almost 60 percent of medical costs in households are comprised of outpatient visits, diagnostics, and medicines. However, the cost of these is not tax-deductible. The representatives of the industry state that this gap makes preventive care less valuable to the family. Square Insurance suggested ₹25,000-₹30,000 as a separate deduction for OPD and prevention treatment. A family earning over 12 Lakhs with spending ₹45,000 per annum on such treatment would be allowed to save an amount of ₹6,000 to ₹9,000 in tax. In the case of older adults, such savings enhance the monthly cash flow. Amit Chhabra of Policybazaar suggested an increase in the limits of Section 80D. At present, there is a 50,000 premium with a relief of a limit of ₹25,000. The upward doubling of the cap would result in tax savings of up to ₹15000 a year, and the seniors can get even higher benefits. Another issue raised by executives was the medical inflation, which is between 11.5 and 14 percent. ManipalCigna Health Insurance indicated that with increased expenditure and tax subsidies by the people on preventive care services, hospitalisation may decrease. We think that we can save a little now so as to save a lot later. Retirement income was an issue raised by life insurance providers. The level of taxation of the annuities, even with disciplined savings, is taxable, which keeps the annuity payments unattractive. Insurers remarked that matching annuity taxation with other long-term instruments would enable the retirees to retain a larger percentage of their revenues and make plan monies with greater confidence. The other area was the affordability of general insurance. According to industry leaders, the small ticket policies are costly after the stamp duty and the cost of servicing. They came up with low value covers exemptions, tax credits on the renewal of improved protection, as well as the elimination of GST on particular retail policies in order to attract first-time buyers. SBI General Insurance and Bajaj Life Insurance executives also insisted on the need to support micro insurance, digital coverage, as well as climate risk covers. These measures are perceived by us as attempts that might expand the coverage and familiarise insurance with Indian households.

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