Posted in Finance, Accounting and Economics Terms, Total Reads: 229
Definition: Medical Expenses
Any cost or expense incurred towards prevention of any disease or costs incurred in treating diseases or injury or both comes under medical expenses. Medical expenses includes everything that comes under health related ailments and treatment. Visits to the doctors, dental checkups, eye care, buying medicine from a chemist shop etc come under the blanket of medical expenses.
Medical expenses can dig a deep hole in the pockets of the people. It is always advised to have a medical insurance so that there is minimum strain on the financials of a person during desperate times of medical emergencies.
The Indian Government extends benefits to individuals under various schemes for medical related stuff. Some of the medical expenses can be used to claim tax rebates as well.
There are many instances of people falling into “Medical debt”. Unlike the normal debt, this kind of debt is totally unplanned and arises due to someone falling ill or meeting an accident. Many times, the families of the victim are forced t take loans to meet the medical expenses. Medical debt has also been a major cause of many personal bankruptcy cases all across the globe.
Medical debts are taken into consideration with much more sympathy and the following of rules isn’t done n the strictest of manners.