Tax saving is the most crucial thing a taxpayer thinks of when he/she calculates his annual income. One can get tax benefits through buying a health insurance policy. If you want to save your tax via health insurance, you should understand few important things before purchasing a health plan. Tax saving planning is a crucial segment of financial planning, and you should do it accurately. Get the Health Insurance Advisor’s consultation in Noida Sector 18 through Bima Plus for tax saving plan on health insurance.
Income Tax Deduction on Medical Reimbursement U/S 17 of Income Tax Act
Under the medical reimbursement section, 17 of income tax enable the insured person to get an income tax deduction up to RS 15,000 FYI. The employer will pay medical expenses with your salary for you and your family member (dependent parents, spouse, kids, and siblings), etc.
Tax Saving On Health Insurance Premium Payment
You can get the tax-saving benefit of Rs. 25,000 yearly based on the premium payment of your health insurance plan. The policyholder can avail complete coverage for you and your spouse and kids. If your spouse’s age is 60 years and more, the senior citizens’ tax benefit limit will enhance up to Rs. 50000. In this limit, the insured gets an extra benefit of Rs 5000 for health expenditure to inspect the family member includes kids, parents, and spouse. Bima plus Health Insurance Advisor in Noida Sector 37 will help you choose the ideal health insurance plan.
Tax Rebate Under Section 80DDB (Treatment of Acute Diseases)
Other than coverage against severe illness, the health insurance plan also offers tax rebates between Rs.40 000 and Rs. 60,000 for all old-age citizens. You can get the tax rebate between Rs. 40,000 and Rs. 80,000, in case medical expenditure occurs because of severe diseases such as cardiac ailment, cancer, neurological disorder, and all that. Some critical diseases get coverage under the 11DD section. It is compulsory to enclose a certificate allotted by the surgeon while applying for income Tax return filing.
Saving Tax Under Section 80DD (Treatment of a Dependent with Disability)
If you bear the medical expenses of a disabled person (that person must be your dependents such as siblings, parents, kids, and spouse), you are entitled to get Rs. 75,000 tax rebate on expenditure against medical cost, nursing, test and diagnoses, rehabilitation, helping hand for disability, caretaking. One can avail Rs. 1.25 lakh tax saving for serious disability caretaking service.
Tax Rebate Under Section 80U (Person with Disability)
An individual having a disability is entitled to a tax rebate of Rs. 75,000 as per section 80U of Income Tax ACT. The maximum limit is up to Rs. 1.25 lakh, if the disability is critical. For more information on tax-saving through health insurance plans, you can get the help of a Health Insurance Advisor in Noida Sector 10 from Bima Plus.
Read also this blog: 6 Common Myths about Health Insurance
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