Apart from that, premiums paid on the health insurance cover also offer tax benefits.Most people buy health insurance for the purpose of saving tax. If you have paid premium for your parents, then you can avail an additional tax benefit of Rs 25000 or Rs 30000 (depending on the age of the parents), thereby making maximum tax saving of Rs 50,000 or Rs 55,000 in a year.However, don't buy just about any health insurance plan to save on tax. A health insurance policy is a long term commitment and is used to take care of you and your family in case of medical emergencies. The waiting period also varies from plan to plan offered by a health insurance company.Specified illnesses, as mentioned in the policy document of the health insurance plans, usually starts after 24 months.Max Bupa Heartbeat plan starts the coverage of pre-existing diseases after two years. In case, a person is hospitalised twice in a row for different health issues, this feature will help in saving the hospitalisation expenses, adds Sarin.While buying a health insurance plan, there are certain other benefits you should look out for.

Source: Economic Times March 09, 2018 04:41 UTC