14 June 2020

Health Insurance Tax Benefits Under Section 80D

Health insurance premium tax deduction
Health insurance premium tax deduction;  Here are the things to know

Having a health insurance policy that provides good coverage is one of the most essential in today's times.  Because the cost of treatment is soaring, the sudden hospital costs may not be affordable to the common man.  Moreover, buying a health insurance policy can lead to tax benefits as well as medical expenses.

 This means that the premium you pay for a health insurance plan can be claimed for tax benefits under section 80D of the Income Tax.  But there is a limit to the amount you can claim.

Health insurance tax benefit 2020:
 If you, your spouse, and your dependent child receive a policy, you will be entitled to an income tax benefit up to a maximum of Rs 25,000 (under 60 years of age) under Section 80D.  If you are a senior citizen this exemption limit can be up to Rs 30,000.

 If you have a policy for parents, the exemption is Rs 25,000.  If your parents are senior citizens, this limit can be increased to Rs 30,000.

 If you take a policy for you, your spouse and your children, and another policy for your parents, you are entitled to both of these discounts.  That means up to Rs. 25,000 of your policy

If your parents are senior citizens, you can get both concessions if you make a plan for them, ie up to Rs 25,000 for your policy and up to Rs 30,000 for your parents policy.

 If you and your parents are senior citizens, you can get two concessions of Rs 30,000 each if you take two policies for your family and parents.

How to Claim Tax Deductions in a Health Insurance Policy:
 At the time of purchasing the policy, the insurer will issue an 80D Certificate or Tax Certificate that can be submitted when filing an income tax return for tax benefits.
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