Here are points that you might not know about tax benefits on health insurance

It is estimated that 62% of individuals pay for their medical bills from their savings. Most of them are either unaware or have not purchased health insurance because of various reasons. Therefore, they do not plan their medical expenses. They are also alien to the benefits of purchasing health insurance, not to mention the saving of taxes from them.

Health Insurance premiums can be claimed as a deduction while filing your Income Tax returns. These include medical cover from uncertain diseases and accidents. An individual can claim a maximum of ₹25,000 as a deduction under section 80D. A senior citizen can claim up to ₹50,000 as a deduction. The deductions vary as you buy different plans based on you and your parent's age with the maximum deduction being ₹1,00,000 subject to terms and conditions.

Under the same section, you can avail further benefits of ₹5,000 for preventive health check-ups.

Type of Plan

There are different types of health insurance plans that you can buy from- Indemnity (actual expense) and Fixed- Benefit plans. They help with individuals’ financial planning. Health insurance does not disrupt the normal functioning of the household in case of emergencies. However, it is important to read the terms and conditions before purchasing a health insurance plan. It should not be looked at just as a tax-saving instrument.

Mode of payment

Another important note is about the mode of payments used to pay for the premium. Cash payments will not be allowed as a deduction. Therefore, payment must be made via cheque, card, net banking, or other methods. However, you can pay cash for preventive health check-ups and still claim the deduction.

It is high time that Indian residents are aware of policies that can benefit them. A timely investment will help them save more than they would have to invest in case of unforeseen circumstances.

Also read:- Top companies that provide the best health insurance in India

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