Afterlife insurance, health insurance is one of another imperative plan that you must have in your life. It works in a simple way – the insured pays regular premiums to the insurer. In return for the premium, the insurer promotes to cover them financially and make them strong. Employers paid a premium for health insurance from income and payroll taxes. It provides you a suitable tax-free under section 80D.
Tax benefits of health insurance
Health insurance tax benefit gives you many benefits like as:-
You must have a health insurance policy not just you are eligible however it provides you a good benefit or advantage in an emergency.
It permits you to avail benefits on premium health payments.
Any of your blood relatives can take advantage of it like-spouse, children or parents.
Try to opt for a policy instead of looking for a higher return.
Health insurance also provides tax benefits by lowering your annual taxable income.
Tax benefit also reduces its liability for a year.
Facts about health insurance
You should all have to be aware of these schemes. To know, keep on reading this article! If you have been working there then you would know about it. But there are also a number of people who are still not aware of the benefits of health insurance plans. Not being aware of these tax benefits will exclude you but helps to learn more. Some of these benefits are:-
Premiums paid on critical illness and accidents
The premium paid on family includes- spouse, children or other blood relation can take step into it. Although it is important that any insurance purchased with your ongoing policy or critical illness can also be claimed as part of your tax benefits.
Premium paid for health insurance for parents
If you pay the health insurance for your parents then they will approve for a deduction on that too. However, the deduction amount will depend upon your parentage. You can also claim a tax exemption above 25,000 per year under the age of 60 years for your parents.
Preventive health check-ups
Regular health checks help to give you updates regarding any risk factor before becoming a serious issue. Tax benefits also qualify for health check-ups. You can also claim for health check-ups up to 5,000 per year for parents aged under 60 years.
Mode of payment of health insurance premiums
Another simple way to choose a mode of payment is according to your suitability. In order to qualify for tax exemption, you need to select the mode of payment through- cash, bank, cheque, credit or debit cards. So by paying through cash you cannot avail of tax benefits for your policy.
Income Tax benefits under section 80D
As per Income tax laws, everybody should know about essential points below:-
Under section 80D of the income tax, you can avail benefit on health insurance policypremium.
● Under this law,you can easily avail the benefit up to ₹25,000 including health checkups per year.
Under age of 60years or above this can easily apply for tax exemption up to Rs 100000 easily.