Investments towards health are the best investment, and the best way to do that is by subscribing to a comprehensive health insurance policy. However, there are people who take health for granted and never subscribe to a health insurance scheme. For those people, having a health insurance plan in place not only protects you from medical expenses but also help you claim tax benefits from your taxable income. YES! Subscribing to a medical insurance plan can actually help you save tax. Want to know how? Read on to find out.
1. Tax benefits under section 80C: When experts say, “health insurance is a good investment” they usually mean it in context of “health is wealth” because medical expenses can empty your pocket as well as compel you to take loans. In such a circumstance, an insurance policy pays the medical expenses incurred by you and helps you save your own money. Not just that, premiums paid towards a good life insurance or health insurance can be claimed as tax rebate under section 80C. Section 80C allows people to claim up to Rs 1.5 lakhs as a part of their investment and health insurance plans qualifies as an investment as per the terms.
2. Tax benefits under section 80D: Premiums paid towards critical illness and medical insurance riders in a life insurance policy also qualify for the tax benefit under section 80D. Apart from that, the money spent on preventive health check-ups can also be claimed as a tax benefit under section 80D subject to a maximum of Rs 5,000 for self, spouse and children.
Addl Read: Invest In Health Insurance Plan For Tax Benefit In India
Bottom line: While the primary purpose of a health insurance policy is ensuring access to health care without consuming your savings, tax benefits are an added advantage.
Read More- What are tax benefits under health Insurance?
1. Tax benefits under section 80C: When experts say, “health insurance is a good investment” they usually mean it in context of “health is wealth” because medical expenses can empty your pocket as well as compel you to take loans. In such a circumstance, an insurance policy pays the medical expenses incurred by you and helps you save your own money. Not just that, premiums paid towards a good life insurance or health insurance can be claimed as tax rebate under section 80C. Section 80C allows people to claim up to Rs 1.5 lakhs as a part of their investment and health insurance plans qualifies as an investment as per the terms.
2. Tax benefits under section 80D: Premiums paid towards critical illness and medical insurance riders in a life insurance policy also qualify for the tax benefit under section 80D. Apart from that, the money spent on preventive health check-ups can also be claimed as a tax benefit under section 80D subject to a maximum of Rs 5,000 for self, spouse and children.
Addl Read: Invest In Health Insurance Plan For Tax Benefit In India
Bottom line: While the primary purpose of a health insurance policy is ensuring access to health care without consuming your savings, tax benefits are an added advantage.
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