Budget Expectations 2024: The upcoming Union Budget for 2024-25 will be an interim budget due to elections. It is likely to be presented on February 1st, 2024. However, several expectations and wishlist items are circulating regarding healthcare and insurance, reflecting the sector’s current challenges and opportunities.
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Interim Budget 2024 Expectations: Here are some key points to consider:
Ankur Gigras, co-founder and CEO, HexaHealth, said, “We want to see a comprehensive approach to healthcare spending in the interim budget of 2024. The expenditure on basic healthcare, which includes treating common health concerns, giving necessary medications, caring for mothers and children, immunising, and other preventative actions, has been one of the main problems with the Indian health system. Equitable supply and utilisation, focusing on marginalised groups, outpatient care, and dynamic cost coverage are what must be prioritised.”
“Moreover, emphasis should be placed on innovative medical technologies like artificial intelligence, which may improve the quality of life for patients during operations, speed up insurance claims for required procedures, and raise the efficacy of healthcare delivery overall. To pave the way for a healthier, more technologically sophisticated future for our country, we hope that the budget will acknowledge these problems and actively support efforts to address them,” Gigras added.
Archit Gupta, founder and CEO, ClearTax, said that while major announcements may hold off until after the 2024 general elections, the upcoming Union Budget presents an opportunity to address lingering concerns and set the stage for future economic growth.
“It is most likely that this budget would prioritise fiscal discipline and avoid populist measures. However, there is optimism for potential relief in the realm of personal income tax, particularly in the New Tax Regime,” Gupta added.
80D Deduction Limit
Gupta said that the deduction limit under Section 80D for medical insurance premiums should be increased from Rs 25,000 to Rs 50,000 for individuals and Rs 50,000 to Rs 75,000 for senior citizens, reflecting rising healthcare costs.
Additionally, extending Section 80D benefits to the new tax regime would promote equitable access to healthcare, Gupta highlighted.
Currently, the new tax regime doesn’t offer deductions for medical insurance premiums. Extending this benefit would promote wider adoption and make healthcare more accessible.
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