Health Insurance Policy: How To Save Income Tax - GyanWaleBaba
Friday, October 7
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Health Insurance Policy: How To Save Income Tax

In today’s time, apart from bread, cloth, and house, some necessities are needed to live life. Among these basic needs, education, money, and health are very important. People do a lot to keep their health good, such as A Good lifestyle, good food, etc. But even without wanting, every person has to face some health problems at some point or the other. Everyone wishes that he never has to go to the hospital, but this doesn’t happen. Everyone has to go to the hospital in life, whether it is an accident on the road, treatment of illness of their elderly parents, or the birth of a little guest in their family. As the way inflation is increasing, it is very difficult for a middle-class family to bear the hospital’s expenses. One way to get relief from this problem is through a health insurance policy.

Health Insurance Policy
source: healthrisk.ca

Today we will talk about health insurance and learn how to save income tax through health insurance plans in these 6 ways.

Health Insurance Policy

After taking a health insurance policy, a middle-class man becomes largely free from hospitalization expenses. With insurance, you can easily get yourself or your loved one treated in any of the best hospitals. Apart from this, another advantage of taking a health insurance policy is that you can also benefit from income tax exemption. So let us see how you can get income tax exemption by taking an insurance policy.

On regular check-up

In today’s time, regular health check-up is very important. But it costs a lot. Having a health policy, you can get up to Rs 25,000 per annum in income tax exemption, based on the expenses incurred for regular health check-ups. As per Section 80D of the Income Tax Act, 1961, this amount is 25,000 on the age of less than 60, while the policyholder benefits up to 30,000 on income tax if he is 60+.

In section 80DDB: Health Insurance Policy

The health insurance policy provides you with the facility for better treatment. Also, 30,000 to 40,000 on the age of fewer than 60 years and 60,000 to 80,000 in the case of 60+ years is available. Under the 11DD rule, certain diseases, such as cancer, cardiac failure, or cardiac arrest are include. If you suffer from these serious diseases, you can take advantage of 40 to 80 thousand rupees on income tax. You have to keep in mind that it is necessary to attach a doctor’s certificate while filing an income tax return to avail of this benefit.

On taking a policy for the parents

Health insurance plans for the family. If your parents have come under Senior citizens, you can save up to Rs.50,000 on your income tax by paying the premium of their policy. As per Section 80D of the Income Tax Act, if a person pays a premium for an insurance policy taken for his parents, he can get a deduction of up to Rs 50,000 per annum on income tax.

On the treatment of disabled member

If any member of your family is disabled and completely dependent on someone, he also gets an exemption in income tax. Under section 80U, the policyholder gets a deduction of up to Rs 75,000 on income tax. However, if the disabled person becomes a victim of any serious illness, the income tax exemption can be up to 1,25,000. It is health insurance plans for a family.

You can get income tax exemption with a health insurance policy along with Your Health in all the ways mentioned above. But you should also be aware that if you have been paying the premium of the insurance policy until now only in cash, you are missing the opportunity to save income tax. You can save income tax only if you pay the premium by demand draft, cheque, debit card, or net banking.

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