Health Insurance as Tax Saving Instrument
12 Sep 2017
What if we told you that there are some secrets that you might be ignoring while you pay your insurance premiums on your medical bills?
What if every month you could actually gain more from your health insurance premium payments than you expected?
What if you could use your health insurance as a weapon for tax deduction?
Ah, it seems we might have just spilled the beans there. However, now that you know the secret, it is very important to be responsible enough to choose the right path ahead. Let us make it easy for you. We have created a list of aspects you should know before jumping onto the opportunity to apply for tax deductions through your health insurance. This list has been arranged with the help of information straight from the holy grail of health insurance tax returns, Section 80D
Parameters to save tax on your health insurance
The Family Scenario:
If you pay your health insurance premiums for your family members, namely your spouse and your children, you are eligible for tax deductions. You can gain the entire invested capital back in the form of tax returns. However, you have to ensure that the amount of money spent in this scenario does not exceed INR 25,000.
Respect for the Elderly:
You are eligible for receiving the entire amount invested in terms of insurance premiums for your parent or parents, provided that the total amount does not exceed INR 25,000. This scenario applies for any senior citizens above the age of 60, even if they are not your parents.
Prevention is better, in more ways than one:
If you pay for preventive health check-ups of your family members (children and spouse) or your parents, you are eligible to receive the entire amount in the form of tax returns on your health insurance. However, the catch here again, is that the upper limit of the money invested should be INR 25,000.
Contribute to the cause:
If you contribute to healthcare schemes such as the Central Government Health Scheme or any other scheme in the same vein, you stand the chance to have your entire investment in your pocket in the form of tax returns. But remember, your total amount should not exceed INR 25,000.
Preventive health check-ups are not the only windows of opportunity for you to gain benefits of tax returns on your health insurance. Any type of medical expenditure done for your parents or your family members can be your gateway for tax deductions. In this case, the upper limit as well as the maximum amount of return/deductions that you can avail is equal to INR 30,000.
The Power of Wisdom:
If you are above the age of 60 and are currently paying for insurance premiums of your parents as well as yourself, you stand a chance to avail a maximum tax return/deduction of INR 55,000.
How can we help?
We are the keepers of the keys as far as helping you claim the most returns out of your health insurance is concerned. We have tailor-made special plans to ensure that you get the most out of your health insurance plans, such as the Family floater plan, individual plan and the critical illness plan. We can even help you go cashless with our cashless network hospitalization. Now that you are equipped with these secrets, why wait?
Why choose Bharati AXA Health Insurance
With health insurance plane, financially secure yourself and your family at affordable premiums