Interested in financial products
CreditMantri
Processing

What if you get two benefits with just one easy step? Wonderful, right? That's what we are talking about. Get both financial security in medical circumstances, along with tax benefits via health insurance.

How much Tax Benefit can I get on Health Insurance?

The premiums you pay on your health insurance plans give you tax benefits under Section 80D of the Income Tax Act. Let’s look at the various tax benefit scenarios for health insurance premiums.

Scenario

Deduction under 80D

Self and Family (All members below 60 years)

Maximum of Rs. 25,000

For Self and Family + Parents (All members below 60 years)

Rs. 25,000 + Rs. 25,000 = Rs. 50,000

For Self and Family (all members below 60 years) + Senior Citizen Parents

Rs. 25,000 + Rs. 50,000 = Rs. 75,000

For Self and Family (with eldest member above 60 years) + Senior Citizen Parents

Rs. 50,000 + Rs. 50,000 = Rs. 1,00,000

Health Insurance Tax Benefit for Senior Citizens

Health insurance premiums for senior citizens are usually on the higher side. Insurance companies are also inclined towards providing medical insurance for those who are old or suffer from pre-existing ailments.

However, the Union Budget of 2018 brought some relief to senior citizens with high medical expenses and are unable to buy health insurance policy due to pre-existing ailments or are unable to afford to pay high premiums.

The Budget has amended Section 80D allowing a deduction for medical expenses incurred on senior citizens. This deduction can be claimed by the senior citizen by themselves or by their children if the children are incurring medical expenses for their senior citizen parents.

Apply for a credit score

POPULAR LINKS

×Thank you! Your comment will be reviewed and posted shortly.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.