Hello and Namaste Everyone
Health insurance is an important product that we all should buy and I am not trying to recommend this Asphalt of the financial benefit instead it is needed for us to manage sudden expensive that might incur due to health problems. After the kovid pandemic we have seen how things have been difficult for people in terms of medical expenses because all those expenses are increased drastically. Whatever hospitals are charging is correct anyway because we don't know the technical part and same to understand that whatever they are charging is correct also but the reality is slightly different.
Sometimes hospitals charge us a lot and if we need to pay that money from our pocket interest me it can really give us a big dent in our pocket and this is where I will health insurance helps. We don't know how things will be once we are hospital eyes on maybe someone from our family is in the hospital because we are completely dependent up on the hospital. At least with health insurance we can cut down some of the expenses through the insurance and we need not to pay from pocket however in some cases a little payment might be required which can be 20 or 30% in most of the cases.
There are so many plans of health insurance and government charges 18% of GST on all health insurance plans. For some time there is a debate on social media that the GST should be removed from health insurance plans because it makes insurance expensive and this is why many people are not able to afford it but reduction of tax and make it bit affordable. Even some of the member of parliaments have discussed this topic in which the encourage the government to reduce the tax on health insurance plans or remove it it possible.
As of now, this is not been confirmed by the government but hopefully this should be done. If it happens then surely more people will come forward and they will be interested to buy the health insurance plans but looks like the government is least interested to do this because they want to put taxes on everything and they have then it already even on many daily necessity items. Tax is the way that government used to generate revenue but they also need to understand that cannot be everything text on a higher percentage because this is a problematic part for all of citizens in the country. Few things that are necessary for the people should be tax at lower percentage as it helps people to manage their finances and insurance is one of them. I have taken the health insurance and hopefully if this reduction happens on the tax then my next premium payment. I would be happy to pay slightly less amount on the insurance premium on the next renewable whenever it is available but I hope it happens so that allowed up people get benefited through the tax reduction..
Insurance charge is already high for health insurance policies because of the rise in claims and on top of that the government has put 18% of tax which is higher percentage of the tax or GST. I think that they should not be beyond 5% in idle scenario this should be removed. Let's see what government does to bring some really for the people through health insurance.
Thank you so much
Stay Safe
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