Everyone knows about the
benefits of getting a comprehensive health insurance plan in India. It’s is a
great way to ensure financial coverage to cover any medical and hospitalization
costs.
In this article you’ll learn
about one of the biggest benefits of health insurance which are tax
exemption benefits.
#Save tax through health
insurance by following simple rules-
Health insurance in India
has been an important field being perceived by entities like the Government,
people and health professionals like doctors.
is a growing sector
providing financial assistance to millions of people against rising medical and
hospitalization costs. However, there are many people with low health risk
factors who buy health
insurance policy in India to save tax. As per Section 80D of the
Income Tax Act, the premium amount paid for health policy is exempted from tax.
Hence, you don’t have to pay tax for the premium amount which is deductible.
#Understanding the grasp of
health insurance benefits
This refers to enlighten the
range or limit to which the people can get health insurance benefits. All
individuals and HUF (Hindu Undivided Families) members are liable to receive
tax benefits as per Section 80D of income tax act. You receive a benefit of
deduction up to Rs.15, 000 from the taxable amount. Therefore, if you, your
spouse and your children have individual health
insurance policies then the total deductible amount will be Rs. 45,000/-.
Hence, you receive greater tax benefits.
#Supplementary benefits for specified
age groups
Parents below 60 years of
age, get additional benefit of tax deduction of Rs.15, 000/- per year. On the
other hand, parents above 60 years of age, get additional benefit of tax
deduction of Rs. 20,000/- per year.
Therefore, a person can
receive total tax benefit of Rs. 35,000 by investing in these policies.
Many people tend to neglect
to invest in parent’s healthcare insurance policy. Surprisingly, many people
who include various accountants are unaware of an added benefit of health
insurance. When a person invests in health care insurance for parents,
he/she receives Rs. 20,000 extra deduction as tax benefit. Also from a monetary perspective,
it’s better as along with providing an added benefit, it covers all the
parental medical costs.
Limitation
·
Premium can be paid only in cash.
·
People who have invested in various corporate
health plans cannot benefit from these deductions. In order to get these benefits,
you will be required to use a payroll deduction system or online electronic
payment modes for payment of premiums.
Summarizing the purpose of this article-
People search for tax saving
instruments within India to save tax. Health insurance policies of India fulfill
2 important motives. It provides significant tax benefit as well as
provides a sufficient health cover for individuals and his entire family.
Hence, health insurance is one of the best tax saving instruments of India plus
a great health care option too!
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