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How to maximize tax savings by opting a right health insurance plan

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Having health insurance in your financial portfolio not only saves tax but also protects your family from unforeseen circumstances. As a smart tax planner, you must have included health insurance along with your other investments. These investments can be claimed and deducted from your income under Section 80D of the Income Tax Act. The amount that can be claimed under this section depends on the premium amount, the age of the insured, and other factors.

HERE ARE THE HEALTH INSURANCE PLANS THAT CAN HELP MAXIMIZE YOUR TAX SAVINGS:

INDIVIDUAL HEALTH INSURANCE PLANS VERSUS FLOATER PLANS:

If you have a family floater policy whose premium paid is lesser than the deduction ceiling, then you must consider switching to an individual health insurance policy. Similarly, if your individual health insurance plan premium is lesser than the allowed deduction, then you can either invest in more health insurance plans or switch to a floater family plan.

CRITICAL ILLNESS PLANS:

Many health insurance plans do not cover critical illness or even if they do, the sum assured may not suffice. Therefore, you must invest in critical illness plans. These health insurance plans protect you and your loved ones from any fatal diseases without putting a strain on your finances. In many cases, it is seen that the family has to compromise on their lifestyle to bear medical costs. However, with a critical illness plan, you ensure that no one in the family makes any such compromises.

WHAT’S NOT ALLOWED:

While you’re reading about how to maximize tax benefits on health insurance, it is equally important to understand what is not allowed under Section 80D deductions.

Group health insurance plans by companies must be excluded when calculating the tax benefits on health insurance under the section.

Bharti AXA GI offers some of the most comprehensive health insurance policies. These policies permit you to derive the maximum tax benefit on health insurance under section 80D of the Income Tax Act.

HERE ARE SOME OF THE REASONS WHY YOU MUST PARTNER WITH US:

  • Annual health check-up
  • Pre and post-hospitalization of 60 and 90 days
  • Flexible family floating plans
  • Tax benefits u/s80D
  • Cashless claims across 4500+ hospitals across India
  • 24/7 worldwide assistance

You can now buy health insurance online at Bharti AXA GI. Visit our website, follow five simple steps and have your health insurance policy delivered in your mailbox.

If you have questions regarding health insurance or how to maximize your tax benefits on health insurance, speak to our experts now.

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Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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