Thursday, October 1, 2020

Tax Saving Benefits With Health Insurance Plan

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We all have goals in life, and all of them will only be possible if our bodies allow us to work harder than ever to grow in our fields. Healthcare is a massive part of our lives, and it is essential to be prepared for the unforeseen illnesses that might knock on our doors. These illnesses are complicated to handle emotionally, but it becomes worse when you cannot afford the treatments due to financial instability. To be prepared for such unexpected health issues in our lives it is always recommended to have health insurance for yourself and your family members

 

There are several benefits of having health insurance plans, one of which is tax-saving benefits. Given below are some of the ways to save tax legally with your health insurance plan:

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  1. Premium Payments: Your premium payments for health insurance are exempted from taxes. You can claim up to Rs 25000 deduction for the premium paid for health insurance. Rs 30000 deduction can be claimed for senior citizens under Section 80D for the premiums paid for health insurances
  2. Preventive Health Check-ups: You can request an additional deduction for Rs 5000 for preventive health check-ups every year. Health check-ups can be done regularly for you and your family. This will not only keep your health but will also help you save taxes.
  3. Critical Illnesses: One can also get tax deductions if one or more family members are being treated for critical illnesses under their health insurance plan. With every health insurance plan comes a list of essential diseases that will be covered in the policy. Illnesses like cancer, AIDS, and more comes under critical conditions. Treatment of these illnesses can be eased with a health insurance plan and can also help you save taxes
  4. Dependent with disability: If your family member is dependent on you due to disability is being treated with the help of their health insurance plan you are eligible to get a tax deduction of Rs 75000. This will help you to save some cash for further treatment of the disability and also provide a better lifestyle for the dependent.
  5. Disability: If you are suffering from a disability, you can avail tax deduction of Rs 75000 under section 80U. In case one suffers from severe disability the limit can go up to Rs 1.25 lakhs. You can save some tax amount here and help yourself from other adversities
  6. Medical Allowances: Several employers pay medical allowances to their employees, along with their salaries for themselves and their families. These medical allowances are eligible for tax deduction claims

These are some of the ways of saving taxes with the help of a health insurance plan. Health insurance plans not only help you to save taxes but come very handy in case of health emergencies. Among several other providers, Bharti AXA is a reliable provider to get a health insurance plan from. Research well, compare several factors and choose the best for you and your family!

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