Exempt Senior Citizen Medical Insurance Policy from GST
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In a world of rising healthcare costs, most of us are unprepared to manage sudden expenses arising out of illness and hospitalization. With the quality of public health service still to improve, most senior citizen continue to depend on their own limited resources as well on their children for medical assistance in their old age.
Understanding the need to provide access to good medical care and protecting the senior citizen's savings against these expenses, many of Insurance companies have now come forward to offer medical insurance to senior citizens. Many organizations like banks, also offer medical insurance to retired staff and their customers at special premium rate.
However, in respect of all health insurance policies , government is levying 18% GST which is a very high amount for senior citizens to bear. For example, for a medical insurance policy of Rs. 4 lacs with domiciliary treatment facility that I intend taking, I have to pay Rs. 69808/- towards premium and Rs. 12565/- as GST which works out to 18% of the premium amount. This is a substantial amount indeed!
Considering the fact that most of the pensioners, senior citizens live on pension and interest on fixed deposits, government could do well to exempt the premium amount payable on health insurance schemes for senior citizens from GST.
I appeal to the Hon'ble Finance Minister to consider our request favourably and pass necessary orders in this regard which will not make a serious difference to the government revenues and be of immense relief to the Pensioners and Senior Citizens.
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