Insurance

Middle-aged women are likely to have illnesses like thyroid, diabetes, tumours, etc. They are also prone to different illnesses connected to menopause. This puts women, especially mothers, in a vulnerable position when it comes to their health.

This is why it becomes essential for mothers to opt for a good health insurance policy that offers comprehensive health coverage. Apart from the policy coverage it is also crucial to learn about various other aspects while purchasing health insurance, one among them is the cashless health insurance facility.

In this article, we will delve into the specifics of why it is important for mothers to get a health insurance plan.

Why is Health Insurance Essential for Mothers?

Women Specific Health Insurance Coverage

There are certain diseases that are women-specific, like breast cancer, ovarian cancer, etc. Treatment of these critical illnesses is quite expensive and without health insurance for women.

Paying for these medical expenses could be a lot of burden for a woman, especially when they are already stressed about their illness. This is why insurance for women’s health is quite important.

Insurance Plans For Pregnant Women

Health insurance is crucial for mothers, especially pregnant women, as it covers prenatal care, delivery expenses, and postnatal care. It provides financial protection against unexpected medical costs, ensuring access to quality healthcare during pregnancy, and safeguarding both the mother and the baby’s well-being.

Mental Health Benefits

As per the Mental Healthcare Act in India, health insurance with maternity cover also offers mental health coverage. Mental health issues need timely care and treatment just as much as any other medical illnesses. A mental health cover ensures coverage against expenses from treatments of mental health issues.

Covers Pre-Existing Illness

Health insurance is vital for mothers, particularly for covering pre-existing illnesses. Some middle-aged mothers might be facing pre-existing health issues like diabetes, thyroid, etc. These types of long-term illnesses require a long-term treatment process. In due time, the expenses of these long-term treatments can add up to a massive medical bill. Through health insurance coverage mothers can get coverage for ongoing treatments, consultations, medications, and hospitalisations related to pre-existing conditions.

Ensures Peace of Mind

Sudden health issues can cause a lot of stress. But At the very least, through health insurance plans for women, the financial stress is taken care of by the insurance companies. This ensures that mothers can have peace of mind knowing they are financially protected in case of any medical emergencies.

Tax Benefits

Under the Income Tax Act, women have the right to get tax reductions when they pay for a health insurance policy. This discount amount can go up to INR 50,000 for older mothers (senior citizens). This leads to a deduction in the total payable tax amount.

Factors to Consider while Choosing a Health Insurance Plan for a Mother

Compare Health Insurance Coverage Options

To ensure the best insurance for women’s health it is important to research well regarding the features, benefits, inclusions, exclusions, claims process, premiums, etc., and choose one that fits your requirements.

Waiting Period

The waiting period refers to the designated period after an illness is diagnosed. It is advisable to choose a health insurance policy with a lower waiting period.

Exclusions and Inclusions

Different policy plans have different exclusions and inclusions for example certain health insurance plans offer pre-existing illness coverage while some do not. Thus it becomes important to know and analyse all the details of your health insurance policy.

Eligibility

Eligibility criteria play an important role in selecting a health insurance plan for women. This eligibility criteria may vary from one insurer to another. Hence, learn about the eligibility and maximum renewal age before purchasing a health insurance plan.

Wrapping Up

All mothers deserve a health insurance plan that caters to their medical needs. These days, we have easier access to medical care and health insurance. Getting the right kind of insurance for women’s health ensures that mothers get all the health services they require without having the burden of finances.

Group medical insurance plans benefit both your company and employees. Group insurances are frequently used to offer health benefits to employees and as part of employee benefit packages. The employer acts as a sponsor for the group, thus bearing the premiums of the group members to be paid to the insurance company (or the service provider). Understanding how TDS is deducted at the source on a group insurance premium is important. Plum Insurance provides products focused on giving clients the best possible experience. Here is a simplified description of how the TDS gets calculated on group insurance premiums.

Who Should Deduct TDS?

Any entity who is liable for providing to an Indian resident any amount of money under an insurance plan, along with any bonus on the policy, besides the sum not includible in overall income under Income Tax Act Section 10(10D), must deduct income tax on such payment.

When Should TDS Be Deducted from Group Medical Insurance Premiums?

Group insurance plans are a boon for small businesses. A sizable number of businesspeople in India opt for them to save on costs and avail of several benefits from the government. However, TDS Payment on Group Insurance Plan premiums depends on a couple of factors. Let’s study those on a case-by-case basis with examples:

Case One:

Suppose your company has partnered with a certain insurance company and the employees are now covered with its group health insurance. Your team members are just enjoying the coverage without bearing any payments. In this case, you, the employer, are paying for their coverage as a part of your employee benefits package. Here, no TDS needs to be deducted from the employee. Your company can book the total premium cost as an expense. TDS will be deducted from the company while paying the premium amount to the insurance provider.

Example:

Mr. A works at XYZ Ltd., which provides group health insurance plans for their employees. The total insurance premium amount is covered by the company. So, when will TDS be deducted?

Since Mr. A is not paying for his insurance coverage, he does not need to pay any TDS. The TDS will be collected by the insurance company when XYZ Ltd. pays the premium amount.

Case Two:

Your company offers a group insurance plan to the team members, but they need to pay the premium from their salary to receive the benefits as per the terms and conditions of the policy. In this scenario, if your employees opt to receive the coverage, you will deduct TDS on the insurance premium amount from their salary.

Example:

Mr. B works at XYZ Ltd., which offers optional group insurance coverage to their employees. The insurance premium amount must be paid by the employees from their salary. So, when will TDS be deducted?

Since Mr. B will be paying for the insurance premium from his salary if he decides to take on the coverage, the TDS will be deducted from his salary.

Case Three:

Many companies offer group medical insurance plans for their employees today, and the individual premium amount is divided in such a way that both the employer and employee share the premium to ensure that they are adequately covered by health insurance. In this case, TDS will be deducted at two different points: first, from the employee’s salary and second, when your company pays the premium amount to the insurance company.

Example:

Mr. C works at XYZ Ltd., which offers an Optional Group Insurance Coverage to Their Employees. The Insurance Premium Amount will be equally Divided by the Employees and the Company. So, when will tds be Deducted?

TDS will be deducted in two different points in this case.

• TDS will be deducted from Mr. C’s salary by XYZ Ltd.
• TDS will be deducted when XYZ Ltd. pays the premium amount to the insurance provider.

Case Four:

Your company offers the team members a top-up group insurance plan. In this policy, the premium amount will be provided by the employer, but they can choose to refund the coverage after their base coverage limit is exhausted. In this case, TDS will be deducted in two points as well. First, when it pays premiums to the insurance company and second, when the employee wants to top up his base coverage limit.

Example:

Mr. D Works at XYZ ltd., Which Offers Optional Top-Up Group Insurance Coverage To Their Employees. The Insurance Premium Amount Will Be Paid By The Company, But Employees Are Welcome To Recharge Their Policies If They Have Claimed Their Base Coverage Limit. So, When Will Tds Be Deducted?

TDS will be deducted in two different points in this case.

• TDS will be deducted when XYZ Ltd. pays the premium amount to the insurance provider.
• TDS will be deducted from Mr. D if he decides to recharge his base coverage limit.

Conclusion

Group medical insurance plans can be a great benefit for employees of organizations that offer them. It also helps you keep your staff motivated under adverse conditions. While the benefits may vary depending on the plan, the coverage will generally cost less than what an individual could get on their own. All parties need to understand how TDS is calculated and how it applies to your situation. Only then can you hope to enjoy a smooth experience as you go about choosing your health insurance plan.