Most people lead a sedentary lifestyle that has deteriorated their health and increased their medical expenses. Health insurance is your best bet to stay prepared against unforeseen medical expenses. But besides offering financial protection against medical expenses, health insurance can also help you to save tax. Read on to know how.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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As per the Income Tax Act 1961, investing in medical insurance is an important step, if you want to enjoy the benefits of tax deductions. Thus, purchasing health insurance plan for yourself and your loved ones (including parents) can save you, not only from financial liabilities during medical emergencies, but also from tax liabilities.
Most financial planners would recommend that you begin your financial planning - by selecting a suitable health insurance policy. We all have set goals and to achieve them, it’s important to start saving an adequate sum from as early on as possible. And buying insurance policies including mediclaim policies can ward off those unnecessary tax deductions from your hard earned money. Do not fret about the policy premium that you will have to pay every year, simply look at the bigger picture! What will you gain in future from this preliminary investment? You will safeguard yourself and your loved ones from uncertain health risks, you will get a tax rebate, and financial cover for hospitalization expenses.
The part of your income which goes into buying a medical insurance and maintaining your wellbeing, holds a great importance for your financial planning and tax exemption. Under section 80D, anyone who buys a mediclaim policy to cover hospitalization expenses, health treatment and medical tests, is allowed to apply for tax exemption.
How much can you save if you buy a health insurance plan for yourself or your parents?
Below mentioned are vital factors you should be aware of, if you want to avail tax benefits from your mediclaim policy for fiscal 2017-2018
1. Exemption from regular medical expenses
2. Exemption from precautionary medical checkups
3. Exemption from health treatment of specially challenged dependents
4. Medical Treatment for Dependents with specified diseases
Our word of advice is - you don’t need to invest in medical insurance just for the sake of tax saving. It is not only an investment; it is a step that you take to keep yourself and your loved ones secure from unforeseen health risks, which also helps you save taxes. It also provides hospitalization cover to you and your family. Even if it doesn’t seem urgent at the moment, it might be too late when something actually happens to your health or your loved ones’. And also at the time of tax filing, you would be running from pillar to post to buy any random health insurance policy, merely to save taxes. So, if you take an informed decision, it will be help you fulfil both the requirements.
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