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Regarding Medical Allowance

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Help :  Mallika


Regarding Medical Allowance

Hello,

I’m Mallika. I want to know about the Medical Allowance or the Medi Claim in Salary .I’m totally confused with what we mean by the Medi Claim. Is it an Insurance Coverage provided by the employer or is to the medical benefit of the employee. Kindly make me understand about this.

Replies :

  Deepthi

Mediclaim is term which usually refer to an Insurance Policy which gives medical coverage to the member. It commonly has two systems:

1) Reimbursement of Medical and Hospital Expenditure upto the Specified Limits for all covered.

2) Cashless policy whereby you have to produce your Medical Insurance Cards to avail benefits.

The Mediclaim is not Taxable on the hand of the employee.

Medical Allowance is a type of allowance which forms a part of Salary and is paid at fixed interval of time (as decided) and has no connection with the expenses incurred on medical. This is usually taxable and tax relief is provided in case the employee files relevant documentary proof of medical expenditure.

The suitable Policy followed nowadays is reimbursement of Medical Expenditure. The employee is usually paid against Medical Expenditure incurred, and this amount becomes non taxable, if the employee wants he can simple ask and take the money without incurring any medical expenses but this amount becomes taxable.

Regards,

SC

Mediclaim is term which usually refer to an Insurance Policy which gives medical coverage to the member. It commonly has two systems:

1) Reimbursement of Medical and Hospital Expenditure upto the Specified Limits for all covered.

2) Cashless policy whereby you have to produce your Medical Insurance Cards to avail benefits.

The Mediclaim is not Taxable on the hand of the employee.

Medical Allowance is a type of allowance which forms a part of Salary and is paid at fixed interval of time (as decided) and has no connection with the expenses incurred on medical. This is usually taxable and tax relief is provided in case the employee files relevant documentary proof of medical expenditure.

The suitable Policy followed nowadays is reimbursement of Medical Expenditure. The employee is usually paid against Medical Expenditure incurred, and this amount becomes non taxable, if the employee wants he can simple ask and take the money without incurring any medical expenses but this amount becomes taxable.

Regards,

SC

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Severity: Warning

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Line Number: 688

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Severity: Warning

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Line Number: 688

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Severity: Warning

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Filename: libraries/Session.php

Line Number: 688




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