If no, then you are surely taking a lot of risk as far as your future is concerned.
If yes, then you are a smart investor who invests in his health not only for today but for his future as well.
As it is very aptly said “Health is Wealth”.
With aim to promote health planning among individuals, government introduced Sec 80D.
Sec 80D provides deduction of premium paid on your medical insurance policy.
You can avail this deduction on the premium of medical insurance policy taken for:
A HUF also enjoy this benefit on policy taken for its members.
This section has very wide coverage.
So to simplify it, let’s divide deduction amounts in 4 types, i.e.
| A. | Deduction of medical insurance premium paid for yourself & your family. |
| B. | Deduction of medical insurance premium paid for your parents/ senior citizen. |
| C. | Deduction of amount paid on preventive health check-up. |
| D. | Deduction of amount paid on medical expenditure of Super Senior Citizens. |
| E. | Deduction in case of HUF. |
Let’s start discussing all different situations one-by-one or you can simply get in touch with our eCAs
The maximum amount of deduction on policy taken for you & your family is Rs. 25,000/-
If you are a senior citizen then deduction amount will be Rs. 30,000/-
Family includes your wife & dependent children.
Senior citizen means resident individual of 60 years or more at anytime during previous year.
With effect from F.Y. 2018-19, max deduction limit for senior citizen is Rs. 50,000/-
In addition to above, you can claim deduction of medical insurance premium paid u/s 80D for your parents as well.
The maximum amount of deduction is Rs. 25,000/-
If your parents are senior citizens then deduction amount will be Rs. 30,000/-
From F.Y 2018-19, the maximum deduction for senior citizens has been increased to Rs. 50,000/-
It is like a regular health check-up conducted once or twice every year by your GP.
The amount of deduction for this check-up is maximum Rs. 5,000/-
This deduction is given when no medical insurance policy is taken.
Deduction can be taken for yourself or your wife or parents.
The maximum deduction amount is Rs. 30,000/-
The only condition is that age of individual should be 80 years or more at any time during previous year.
From F.Y 2018-19, the amount of deduction has been increased from Rs. 30,000 to Rs. 50,000 for senior citizens.
HUF can take medical insurance policy for any member of family.
The maximum amount of deduction is Rs. 25,000/-. If the member is senior citizen then maximum deduction will be Rs. 30,000/-
From F.Y 2018-19, the maximum deduction for senior citizens has been increased to Rs. 50,000/-
A medical insurance policy is very important for each one of us.
No one can say “I’ll be healthy throughout my life”. These policies provide a strong monetary support when you are in sudden requirement of huge amounts of money.
If you haven’t taken one yet, we strongly recommend you to think again!
We hope our blog was able to clarify all your doubts on deduction for medical insurance.
If you have any further doubts, don’t forget to get in touch with our eCAs.. They are at your service 24×7. Happy Filing ????
Ans. No., it cannot be considered as tax exemption under this section.
Ans. Yes, son can claim for aorents mediclaim as per section 80D
Ans. No, Sec.80D is for medical premium and for health insurances.
Ans. No, taxpayer can claim deduction on proportionate basis.
Ans. The maximum limit u/s 80D is Rs. 25000 (in case senior citizen Rs. 50000)and in case both assessee and parents are senior citizen , then amount can be claimed upto INR 100000
Ans. Yes, the whole amount paid will be available for deduction
Ans. Yes, provided your company include that premium paid into your CTC.
Ans. Yes., Section 80D allows you claim deduction for health checkup taken for spouse, parents and dependant children.
Ans. No, it will not be an expense for the employee if reimbursed by the employer.
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