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Budget 2017: Senior citizens look for reduced taxes, more health insurance coverage

  • Looking for a boost to retirement funds
  • More funding  and programs needed for critical illness in senior citizens
BUDGET 2017 Senior citizens look for reduced taxes more health insurance coverage
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Falling interest rates post demonetisation has caused a little dent in the savings of senior citizens. A little saving grace came in the form of Prime Minister Narendra Modi announcing a senior citizen deposit scheme in which gave citizens above the age of 60, an 8 per cent rate of interest.

 

Budget 2016 had given senior citizens an additional healthcare cover of ₹30,000 under a new scheme but seems like even this time their demands will be along those lines - reduction in taxation and increased healthcare benefits. In 2015, health insurance premium exemption limit was hiked by the union government by ₹10,000.

 

BUDGET 2017 Senior citizens look for reduced taxes more health insurance coverage

  BUDGET 2017 DEMANDS

 

#Looking for a boost to retirement funds, senior citizens expect an increase in the exemption limit from ₹300,000 to at least ₹500,000. For citizens above 80 years, earnings up to ₹5 lakh are also expecting a further increase in the exemption limit.

 

#More funding and programs needed for critical illness in senior citizens

 

#Medical expenditure: Currently, the limit is ₹15,000 per annum, and is exempt from tax, now the demand is that this limit be increased with respect to senior citizens and include retired citizens as well.

 

#Increasing medical insurance limit: After 2016 budget the limit was set at ₹30,000 additional healthcare cover but judging by the new illness and need for regular medical check-ups as one grows older, senior citizens are hoping that this insurance limit be hiked to ₹60,000 enabling more people to buy it and avail of it.

 

#Abolishing of service tax: Service tax of 15% inflates the prices of all services enjoyed by the senior citizens. There is a need to abolish the service tax or reduce it considerably on services such as healthcare, health insurance availed by the senior citizens.

 

 

 

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