Are you a thrifty person? If you are the type of person who likes to save money by not going out, or going out to expensive restaurants to eat, then it will not be hard for you to conjure up ways to save money on medical expenses.
Tax planning health insurance in India, is an essential part of financial planning, which always needs to be wisely thought about so that it serves as a dual objective, which is to help you save up and meet all of your goals financially when you come across any serious injuries, and also to save up on your taxes annually.
Before you can start investing in health insurance to save up on our taxes, you have to reduce the liability income tax while maintaining your health. Here are some ways that you can save up on taxes by using health insurance, which you need to understand and consider before you start to get health insurance:
- You can save taxes through health insurance payment – as a policyholder of the best health insurance policy India, you can avail of medical deductions up to RS. 25,000 annually which is still subject to premiums paid for health insurance policies.
The coverage’s that are usually offered by the policy can be purchased by you, your spouse or your dependents which are usually your children, as long as they are of age. The limits will increase up to RS. 30,000 if your spouse is already above 60 years old.
This is backed by an additional insurance coverage of RS. 5,000 for all of the expenses incurred for your monthly or yearly health check ups of the family members, including your parents, children and spouse.
- Health insurance for parents – under the tax act section 80D, you can claim additional tax benefit savings if you pay health coverage premium which is availed by any of your family members, specifically your parents.
You are also eligible for deductions of up to RS. 30,000 annually. In other words, you can save so much money, and that amounts to RS. 30,000 for either of your parents aged above 60 years old.
In conclusion, if you get your parents to pay for your health coverage, you will get to save the money that you want for taxes, provided that they claim for additional taxes. Remember, tax planning health insurance india, will be one of your best choices for saving money if you really do not have anything to pay your taxes with, for as long as you know the rules and regulations, and how you are to go about the process, you will be able to get more than you bargained for.
Under section 80D of the Income Tax Act, 1961, you can claim an additional tax-saving benefit if you pay the premium for health coverage availed by any of your parents. You are eligible for a deduction of up to Rs. 30,000 per year, though. In other words, you can save up to Rs. 30,000 for either of your parents aged 60 years and above.