What You Need To Know About Health Insurance Tax Benefits
The increasing number of lifestyle diseases in conjunction with rising prices of healthcare has made it necessary to ensure that you and your family are safe from illnesses and the high cost of curing them. In such a scenario, the primary safeguard you have is adopting a healthy lifestyle. In addition to that, health insurance is a great way to be ready for the worst-case scenario.
What are the health insurance tax benefits? The premium you pay for your medical Insurance policy is taken into consideration for tax deductions. This provision is provided to taxpayers as per Section 80D of the Income Tax Act, 1961. Hence, buying a policy from a reputed insurance provider will give you a chance to enjoy a host of health insurance tax benefits while freeing you of your medical expense woes.
Things you should know about claiming benefits: In addition to the premium for a health insurance policy, you are also eligible to claim deduction under Section 80D for preventive health check-ups. You can claim a maximum deduction of INR 5,000 for health check-ups per person.
A medical expenditure of up to INR 30,000 is eligible as a deduction for super senior citizens above the age of 80 years who do not have separate medical insurance.
You can buy a policy for your parents and get an additional deduction on the premium paid. It helps your parents as well as you, particularly if there is a gap in the cover that they require and what they have. But remember that the maximum contribution for parents cannot exceed INR 25,000.
For senior citizen parents, one can claim a deduction of up to Rs 30,000. Deductions are available even for preventive health checkups. So, your child can pay for your health check-up and a get tax deduction, but not more than Rs 5,000. Moreover, a parent does not need to be dependent on their children to avail health insurance tax benefits.
While many believe health insurance to be just a precautionary measure in case of a medical emergency, that is like seeing just the tip of the iceberg. Many people are not aware of the benefits it can have for them. In addition to securing your medical expenses, you can also take advantage of the health insurance tax benefits.
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