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Will I Get Tax Benefits On My Parents Mediclaim

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A health insurance policy has become a must-have, not just for you but for your whole family including parents, in these days of rising medical and hospitalization costs. Even though it does not fetch any returns, a health insurance policy has two main benefits. Apart from covering your medical and hospitalization bills, it also enables you to avail income tax deductions. You can claim these tax benefits on health insurance even if you are paying the premium for your parents.

As per income tax rules a deduction of Rs 25,000 per annum is allowed under section 80D if you buy a policy to cover yourself, your spouse and dependent children. Moreover, there are another Rs 25,000 tax benefits on health insurance if you are paying the premium of the health insurance policy of your parents.

The benefit is exclusive of the Rs 1.5 lakh per annum deduction u/s 80C which also includes life insurance premium and EPF contributions. The benefits you get on payment of health insurance premium is over and above this limit of Rs 1.5 lakh per annum.

Another thing to remember is that since you can claim tax benefits for the health insurance premium paid for self, spouse and dependent children and parents, you can also claim benefits for preventive health check-ups under Section 80D. A maximum benefit of Rs 5,000 for health check-ups can be availed within the overall limit. There is an even bigger benefit for super senior citizens (more than 80 years old) who are not insured, namely medical expenses of up to Rs 30,000 are eligible for a tax deduction. Section 80D of the Income Tax Act specifies that a parent need not be dependent on their children to avail tax benefits. A child can avail the benefits by paying the health insurance premium of their parents whether they are dependent or not.

There are innumerable insurance companies which are providing health insurance policies, and it can become very confusing for you to decide which health insurance plan to go for. It would be best to stick to the different health insurance plans offered by Bharti AXA.

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