Use add-on covers to hedge your medical costs

Choose one based on your age, nature of job and likely future expenses; these could prove useful

This is tax-saving season and most of us are probably scrambling to meet the Rs 1 lakh exemption limit under Section 80C. However, many tend to overlook the fact that we can claim exemption up to Rs 35,000 under Section 80D as well, for the premiums paid for health insurance for self, spouse, children and dependent parents. While buying a health insurance policy is useful, given the rising health care costs, you can also save tax on the money paid on the premiums. You can also buy add-on covers or riders that provide added benefits at some extra cost. Antony Jacob, chief executive of ...