The tax benefits of health insurance

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Health Insurance Policy
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Explained The tax benefits of health insurance
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• It is a great thing to set financial goals
  however, safeguarding your health should have
  higher priority. After all, a single medical
  emergency can tatter away and gulp all the funds
  that you have accumulated throughout the years.
  Further, there are a ton of benefits of opting
  for health insurance plans in India, and a few of
  them are here as follows
• A health cover will take care of all the expenses
  that you incur due to urgent medical needs.
• Further, the insurance companies also have an
  empanelled network of hospitals wherein you can
  obtain cashless treatments.
• Most of the insurance companies in India will
  offer you the services of hassle-free claim
  process and approval.

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However, even though health cover has a number of
features associated with it but people overlook
these features and mainly opt because of the tax
benefits of health insurance.
What are the tax benefits of opting for a health
cover?
The tax benefits for your medical insurance
premium that you have paid fall under the section
80D of the Indian income tax act. Further, the
tax exemptions for senior citizens paying medical
premiums have increased after the financial act
2018 from rupees 30 thousand to 50 thousand
rupees. This measure has been undertaken by the
government to encourage people to opt for health
covers in India. Further, each and every earning
member protected by a health cover can opt for
deductions under section 80D.
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Understanding the deductions under the health
cover premium paid is quite a cumbersome task.
The reason being there are a lot of components
that affect your deductions. However, to make the
whole health cover related income tax benefits
easier for you, we have compiled a list of them,
and they are here as follows

• You are eligible for a maximum deduction of up
  to 25 thousand rupees, if you have a health cover
  for yourself, spouse and children.
• Further, if your parents, as well as you and
  your family, are under the age of 60 then you can
  avail deductions upto 50 thousand rupees from
  your health insurance premium paid.
• And if your parents are above the age of 60 but
  you and your family members arent then you can
  get rupees 75 thousand deducted from the premium
  amount paid.
• If you, your family as well as your parents are
  above the age of 60 then you can get rupees 1
  lakh deducted.

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Now, let us understand these tax benefits by
examining a sample study of kisna
Kisna has purchased a health insurance policy for
himself, family members and his parents. He is 38
years old and his parents are above the age of
60. For his health cover, he pays a premium
amount of rupees 35 thousand and rupees 40
thousand for his parents health coverage. Now,
under the income tax act 80D, he is liable to
avail a maximum of rupees 25 thousand deductions
on his premium paid and rupees 50 thousand on his
parents premium amount. Therefore, the total
deductions that he can claim on both the health
insurance premium amount paid are 65 thousand
rupees.
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