All You Need to Know About Health Insurance Tax Benefits

Health Insurance Article

Health is Wealth‘ and thus, it’s essential to watch for you and your family‘s health. With rising costs of hospitalisation and medical treatment, having a health insurance/ medical policy is essential. It not only ensures you do not go void after an illness, but also provides sufficient content. Most importantly, indeed if you do not have to mileage it, you get health insurance duty benefits.

Investing in a medical insurance policy, saves not only plutocrat but also gives you income duty benefits.

Below are the health insurance duty benefits that you should know about. These will help you claim duty deduction under applicable sections.

 

Deduction Under Section 80D of the Income Tax Act

The Government of India( GOI) offers individual taxpayers a deduction on decorations paid under section 80D of the Income Tax Act. You can indeed mileage benefits on decoration paid to cover critical illness.

For tone and Immediate Family( partner and Dependent Children)
When it comes to health insurance duty benefits, you need to flash back the following. In this case, you can claim up to INR 25,000 in a fiscal timeincluding the quantum for you, your partner and dependent children. In case you or your partner is a elderly citizen, i.e., 60 times and over, the deduction limit goes up to INR 50,000. The deduction extends to cover any health check– up of over to INR 5,000 you may have had in that fiscal time.

For Parents
Medical insurance decorations paid for parents, or, legal guardians, is allowed for deduction up to INR 25,000 per fiscalyear.However, also the maximum limit goes up to INR 50, 000 per fiscal time, If either of your parents is a elderly citizen.

The maximum qualifiable quantum is always the lower of the factual decoration, or, the admissible limit under this section. This must include the medical check– up quantum.

 

Deduction Under Section 80DD of the Income Tax Act

still, you can claim health insurance duty benefits up to INR 75, 000, If you have a dependent with a disability. This is grounded on the charges incurred for nursing, medical treatments, recuperation, etc. In cases of extreme disability, you can claim up to INR1.25 lakh. Dependents then include your partnerchildren, parents or siblings. still, to claim the deduction, you’ll need to submit supporting medical instruments.

 

Deduction Under Section 80DDB of the Income Tax Act

still, you can claim a deduction of INR 40, 000 for all the medical charges incurred, If you’re being treated for a specifiedillness.However, the benefit limit is INR 1 lakh, If you are claiming on behalf of a elderly citizen. This includes treatments for conditions given in Rule 11DD of the Income Tax Act. This deduction can be claimed for tonepartner, parents guardianschildren and siblings. UntilF.Y. 2017- 2018 you could claim a deduction for elderly citizen( 60- 80 times) and super elderly citizen( above 80), of INR 60,000 and INR 80,000.

 

NO Tax Benefit on Cash Payment or Group Health Insurance

Medical insurance decorations should be made either through online banking, draft, cheque or disbenefit or credit cards to mileage the health insurance duty benefits. A duty deduction isn’t allowed for instalments paid by cash. stillpayments for the preventative health check– ups can be paid by cash and can be claimed for deductionalsoduty benefits don’t extend to group health insurance decorationspaid by your employer.

Now that you know about the health insurance duty benefits in India, it’s time you stop fussing about high medical bills and get started with saving levies on medical insurance.

Disclaimer For further details on threat factorsterms & conditions please read deals folder precisely before concluding a trade

here is link for you 

Leave a Comment

error: Content is protected !!