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If not appropriately planned medical expenses can eat up a large chunk of your savings or accumulated fund. However, if you think of it wisely, and plan accordingly, your medical insurance can help you save taxes to a large extent. Let’s check out how medical expenses can help you save taxes.
Being a professional or an employee of a company, you are eligible to get reimbursement on medical expenses up to Rs.15000 per annum, which is exempted from tax under Section 10A of Income Tax Act. The expenses can be in the form of medical bills, medical check-ups, pharmacy bills or doctor consultation fees. Also, you can claim the bills made either for you or any of your family members- spouse, children or parents. As proof, you need to submit the original bills or receipts according to the procedure pre-defined by the HR department of your company.
Under Section 80D of Income Tax Act, you can claim the charges paid to conduct preventive medical tests for you or any of the member of your family. Several hospitals these days offer full-body check-ups to encourage regular medical examination to avoid any risk in the future. Hence, you can avail this facility and claim the amount to maximize tax deduction. All you have to do is submit the original receipt of the medical check-up to your employer or HR department.
There may be times when you have a family member who is dependent on you and is medically unfit or disabled too. This can be a draining situation, emotionally as well as financially. In this case, you can avail a fixed deduction of Rs.75000 for having a dependent parent who is disabled. This can be anyone from your family - spouse, children, siblings or parents. In case, if the disability is more than 80%, you can claim Rs.1,25,000 per annum as a deduction on your taxable salary under Section 80DD of Income Tax Act.
To claim the tax benefits, you need a medical certificate of disability from a government hospital, and the certificate needs to be renewed on a regular basis.
If you or any of your family members suffers from certain specified diseases with disability levels of more than 40%, you can claim a tax deduction through your mediclaim policy and save on the taxes. These diseases include cancer, thalassemia, AIDS, renal failure, hemophilia, and neurological disorders.The extent of tax deduction depends on the age of the dependent:
All the tax deduction can be done under Section 80DDB of Income Tax Act.
Healthcare expenses are increasing with the rising demand of modern lifestyle. Hence, you need to show preparedness in terms of medical exigencies, if any, which comes from availing medical insurance. Although you may be covered by the medical insurance provided by your company or employer, you also need to have some extra funds in the name of your mediclaim policy. By having your mediclaim policy, you are only going to benefit by paying the premiums by earning tax deductions under Section 80D of the Income Tax Act.
Self + Spouse + Kids – Rs.25000 (Rs.50,000 in case of senior citizens)
Additional: Parents – Rs.25,000 (Rs.50,000 in case of senior citizens)
All you will require is to pay the premium from your bank account and submit the premium receipt.
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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 Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. 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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