Understanding Company Medical Insurance: How It Works, Benefits, and Tax Implications

Hi friends,

Could any of you detailly explain to me about medical allowance - the insurance policy the company provides to its employees? I'm interested in understanding how these medical insurance policies taken by the company work. What are the benefits an individual receives, the limits, eligibility for income tax, how to show them for tax exemption, and how the network hospitals function, etc.

Kindly provide me with some insights on this.

Dear,

The medical insurance scheme offered by the company has different benefits depending on which kind of insurance the organization has selected. The employee gets all the facilities such as cashless facility, hospitalization, coverage for other ailments requiring hospitalization, and coverage for old ailments, which are also covered by some companies, etc.

You can contact various brokers such as ICICI Prudential, Paramount Health Services, etc. These companies provide medical insurance for employees. The premium paid by the organization, so the employee does not get any income tax benefit from it (I'm not 100% sure, but it is most likely the case).

I hope I have answered the query. In case of any further information, please feel free to contact.

Cheers!! Archna