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Health Insurance to save tax

Health Insurance to save tax

Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 15,000 paid for self and family. If the policyholder is a senior citizen, the benefit can increase to Rs 20,000. Mostly people take only this benefit into account and consider the maximum limit here to be the highest amount that can be utilised for tax benefit. However, an additional deduction is possible and can be utilised.

Dependent parents

The health insurance premium cost rises with the age and that’s the reason why many find the maximum investment limit available for deduction to be very less. The Income Tax Act allows one to apply for benefits provided to senior citizens at the age of 65 years. And by this time, the premium cost goes up manifold. There are many instances where elderly parents and their children both are paying for the health insurance policy. This could be used for the benefit of the family by asking for a higher deduction. There is an extra benefit available for the individual taxpayers if they pay health insurance premiums for their parents. Here, an extra benefit of Rs 15,000 is available, which increases to Rs 20,000 if the parents are senior citizens. This amount is over and above the other limit for individuals, so that there is an extra benefit available for the person. This can also be structured so that a higher deduction could be claimed. For example, an individual pays a premium of Rs 15,000 for his family and his parents (senior citizens) pay a total premium of Rs 34,000 a year. Under normal circumstances, the benefit available for the individual will be Rs 15,000  and another Rs 20,000 to the parents, as they are above 65 years of age. But, by paying Rs 14,000 out of the total premium of the parents by the individual, the individual can get a total benefit of Rs 29,000 (Rs 15,000 + Rs 14,000). The parents, on the other hand, can claim a deduction of Rs 20,000. So, the total benefit available to the whole family is worth Rs 49,000.

Health Insurance to save tax

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