Health Insurance Sector Expectations From Budget 2024

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Health Insurance Sector Expectations From Budget 2024
Anup Rau, Managing Director and Chief Executive Officer of Future Generali India Insurance Company, said the deduction limit on health insurance premiums under Section 80D of the Income Tax Act has remained unchanged for the past nine years despite the
fact that there has been a significant rise in healthcare costs across the country.
“It would be best if the limit for medical insurance is linked to inflation and gets revised automatically every year or once in a couple of years. Also, the benefits need to be extended to the New Tax regime since increasing health insurance penetration is critical. So, we hope the upcoming Budget to announce some hike in the deduction limit on health insurance premiums,” Rau said.

Budget Expectations On Reforms In Healthcare Sector In India
On expectations from the Sitharaman’s budget, D S Negi, CEO of Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), said the focus on reforming cancer care in India is crucial and it is important to prioritise funding for advanced treatments like immunotherapy and personalised medicine, ensuring more patients can access these cutting-edge therapies.

“Extending Ayushman Bharat to those aged above 70 years will be highly beneficial for senior citizens. However, the current coverage limit of Rs 5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs 15-20 lakh.

“Therefore, it is essential to consider increasing the coverage limit for critical illnesses like cancer to ensure adequate financial support for cancer patients,” Negi added.

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