Tax Breaks Revitalize Healthcare Accessibility

The government's recent exemption of individual health and life insurance premiums from the Goods and Services Tax (GST) is expected to significantly broaden private coverage, cut down on personal medical expenses, and support the 'Health for All' mission, according to the Health Ministry's announcement on Thursday.

This strategic move aims to make premiums more accessible for middle-class households, thereby boosting the adoption of insurance. Described as part of a balanced, citizen-focused taxation approach, the GST reform is anticipated to make healthcare services more affordable and preventive.

Additionally, the GST on essential medicines and several medical necessities has been reduced to 5% or even eliminated in some cases. This decision ameliorates financial burdens associated with long-term chronic disease treatment, increases widespread accessibility of diagnostic tools, and reaffirms India's position as a global pharmaceutical leader.

(With inputs from agencies.)