Section 80D: Deduction for Medical Insurance & Health Check-ups| Bharti AXA

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Section 80D: Deduction for Medical Insurance & Health Check-ups

It is rightly said that “Health is the most important asset a man can own”. A sudden illness or an unfortunate accident can drastically affect your financial stability within no time. Securing yourself with the best health insurance plan or family insurance plan thus becomes a necessity. With medical inflation and the increasing cost of healthcare in India, investing in health insurance has become an important part of one’s financial planning and decision.

The Government, as well as the insurance industry, play an important role in encouraging individuals to invest in health insurance schemes for themselves as well as for one’s family. The government allows tax benefits towards the insurance premium paid by us. This benefit is further extended towards the insurance premium paid for the health of senior citizens.

Applicability of Section 80D

  • Every individual or HUF can claim deduction under section 80D for any contribution made towards medical insurance.
  • Not only does this section allow the benefit of deduction towards a health insurance plan purchased for yourself but also you can take advantage of buying a family floater policy to cover your spouse, your dependent children, and dependent parents.
  • For tax-saving, in case your limit under Section 80C is exhausted, you can still invest in a health insurance policy and claim additional benefit under this section since it allows deduction on premium paid over and above deductions claimed under 80C.

Section 80D - Explanation

  • An individual may claim deduction under section 80D of The Income-tax Act, 1961 up to Rs 25,000/- for self, spouse, and dependent children. An additional deduction towards insurance of parents is allowed to the extent of Rs 25,000/- if they are less than 60 years of age, or Rs 50,000/- if parents are above 60 years of age.
  • If the taxpayer and the parent for whom the medical insurance has been taken for, are both aged more than 60 years, the maximum deduction that can be availed under this section is Rs 1,00,000/- (that is Rs 50,000/- for the individual and Rs 50,000/- for dependent parents).
  • In the case of Hindu Undivided Family, the deduction allowed under Section 80D is to the maximum extent of Rs. 25000/- (Rs. 50,000/- in case of senior citizens who are over 60 years of age).

 

 

The table below summarizes the various scenarios of the amount of deduction available under section 80D to an individual taxpayer for easy understanding:

Particulars/Scenarios

Exemption limit for Premium paid (Rs)

Deduction u/s 80D (Rs)

Self and Family

Parents

If Individual and parents are below 60 years of age

25,000

25,000

50,000

If Individual and family are below 60 years but parents are above 60 years of age

25,000

50,000

75,000

Both the individual, family, and parents are above 60 years of age

50,000

50,000

1,00,000

 

Preventive Health Check-up

Any payments made towards preventive health check-ups will allow a taxpayer to avail of a deduction of up to Rs 5,000/- in any financial year, which is within the overall limit of Rs 25,000/- or, Rs 50,000/- as the case may be. The individual may claim deduction either for himself, spouse, dependent children, or parents. The payment for such preventive health check-ups can also be made in cash. One important point to note here is that this deduction of Rs 5,000/- is not per person but in total. What this effectively means is that any amount paid for self, spouse, dependent children and even dependent parents, the gross total deduction allowed will be Rs 5,000/-

A preventive health check-up under Section 80D is recommended to be done every year for an individual and his family because of the fast-paced lives that we live and our sedentary lifestyles. Every Insurance Company that’s in the market have their list of tests that’s either complimentary on the plan chosen or that’s available as a benefit for having a claim-free year. (Pro-tip – Irrespective of your age, whether you are 20 or 40, it’s always recommended to have a preventive health check-up done.)

 

Mode of payment of health insurance premium to avail deduction:

Medical insurance premiums should be paid through online banking, a cheque, draft or debit cards or credit cards, etc. A tax deduction is not allowed if premium installments are made in cash. Having said that, amount paid in cash for preventive health check-up can be claimed under section 80D while filing Income Tax Return for the relevant Financial Year.

 

Section 80D – Impact on Income tax

It is difficult to dispense with your hard-earned income at the end of the financial year towards taxes. Taxes are the major deductible portion of your salary, widely believed by many that they are nothing less than a burden. The smart way to ensure that we save on payment of excess tax is by taking the full benefit of the deductions/allowances provided under various sections of The Income Tax Act, 1961. Section 80D is one such clause in the Income Tax Act, where its sole purpose is to get people to have a medical policy in their name having a dual benefit of not only safeguarding the individual and his family during a healthcare crisis but also gives a deduction on the premium paid, thus saving on tax.