What are the tax benefits of health insurance?

What if you get two benefits with just one easy step? Wonderful, right? That's what we are talking about. Get both financial security in medical circumstances, along with tax benefits via health insurance.

How much Tax Benefit can I get on Health Insurance?

The premiums you pay on your health insurance plans give you tax benefits under Section 80D of the Income Tax Act. Let’s look at the various tax benefit scenarios for health insurance premiums.

Health Insurance Tax Benefit for Senior Citizens

Health insurance premiums for senior citizens are usually on the higher side. Insurance companies are also inclined towards providing medical insurance for those who are old or suffer from pre-existing ailments.

However, the Union Budget of 2018 brought some relief to senior citizens with high medical expenses and are unable to buy health insurance policy due to pre-existing ailments or are unable to afford to pay high premiums.

The Budget has amended Section 80D allowing a deduction for medical expenses incurred on senior citizens. This deduction can be claimed by the senior citizen by themselves or by their children if the children are incurring medical expenses for their senior citizen parents.