Advise to IMA members regarding NEW health budget-2015

1.Its advised that all doctors now can enhance their health insurance coverage by paying premiums up  to Rs.25000/- as the limit of deduction is increased  u/s 80D from ` 15,000 to ` 25,000 on health insurance premium. For senior citizens this is raised from ` 20,000 to ` 30,000). 

 2. It’s also advised to all our members, to invest  more funds in  IRDA approved  pension schemes  as the limit of deduction u/s 80CCC of the IT ACT  from ` 1 lakh to ` 1.5 lakh and

3.There is possibility of more and more FDI fund inflow  in to medical device sector as the govt  Increased FDI caps .

4.Importing of  artificial heart (left ventricular assist device) is now cheap,as its exempted from from Basic Customs Duty of 5% and CVD.

5.To create a universal social security system for all Indians, The govt will encourage –insurance- (life insurance &health insurance) and pension-to every citizen. In this process-three new schemes as follows:

• ·         Pradhan Mantri Suraksha Bima Yojna will cover accidental death risk of `2 lakh for a premium of just `12 per year.

·         Atal Pension Yojana: will provide a defined pension, depending on the contribution, and its period. To encourage people to join this scheme, the Government will contribute 50% of the beneficiaries’ premium limited to `1,000 each year, for five years, in the new accounts opened before 31st December, 2015.

·         Pradhan Mantri Jeevan Jyoti Bima Yojana: will cover  both natural and accidental death risk of `2 lakhs. The premium will be `330 per year, or less than one rupee per day, for the age group 18-50.

6. What about senior citizens those crippling with poverty and deformities and diseases?

For all these 10 crore geriatric people, one New scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty line is being launched.

7.If you want to buy a property,Now its not possible to advance Rs.20000/- or more as cash.

8. Its suggested to our members if you want to donate your funds, its better to  donate to   National Fund for Control of Drug Abuse (NFCDA) which can be eligible for 100% deduction under section 80G of the Income-tax Act.

9.This advise is for govt doctors-With respect to ESI, the govt doctor or any employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).

10. All members may utilize these tax exemptions:

Through  Deduction u/s 80C `1,50,000/

Through  Deduction u/s 80CCD `50,000/  

Through Deduction on account of interest / On house property loan (Self occupied property) `2,00,000/ through  Deduction u/s 80D on health insurance premium `25,000/

Through Exemption of transport allowance `19,200

So, the doctors can save to reduce income tax = Rs. `4,44,200.

For  human development & wellness of citizens the govt  plans its allocation as follows:

·         68,968 crore to the education sector including mid-day meals, 

·         79,526 crore for rural development activities including MGNREGA,

·         22,407 crore for housing and urban development,

·         `10,351 crore for women and child development,

·         4,173 crore for Water Resources and Namami Gange.

    For 130 crore population the MODI govt allocates peanuts-Rs.33000 crore,where as it should be one lac crore per anum as  its advised by WHO.