Health insurance or a medical insurance policy is the most essential thing to do as it gives both health protection and peace of mind. With the help of a health insurance policy, one gets financial assistance during the time of emergency medical attention. The medical insurance policy covers varieties of medical expenses depending upon the type of treatments. Along with this one also gets attractive tax benefits under Section 80D of the Income Tax Act 1961.
Here is the list of all the necessary things you must know about health insurance tax benefits.
- The first and foremost thing is to check if you are eligible to claim the tax benefits under Section 80D. In order to know your eligibility criteria, you have to talk to your insurance policy advisor. The basic requirements to claim the benefits are that one has to be either an individual or a member of HUF (Hindu Undivided Family).
- One can enjoy up to Rs.25,000 of tax benefit for the premium that one pays for a certain health insurance policy. This benefit also applies to your spouse and dependent children.
- In case of senior citizens, this limit increases upto Rs.50,000.
- One can claim additional tax benefit of upto Rs.25,000 for both dependent and independent parents. This applies if the insurance policy has been done for parents who are less than 60 years of age.
Always make sure that you find the best medical insurance policy through the leading and reputed insurers such as Bajaj Finserv. To meet your medical treatment expenses one can get up to Rs.50 lakh through the health insurance policy.
Read Also: A Comprehensive Guide on Tax Benefits Offered by a Health Insurance Policy Under Section 80D
