Health Checkups & Tax Savings
Under Section 80D of the Income Tax Act, 1961, Save Up to Rs 5000 On Health Checkup
Health insurance covers your medical expenses in an emergency without giving you any financial stress. Section 80D of the Income Tax Act, 1961, makes it even easier. Under section 80D, you can save tax by claiming deductions against the health insurance premium paid for self, family and parents. It helps you with tax planning and personal finances.
What is Section 80D?
Section 80D allows any individual or Hindu Undivided Families (HUF) for the deduction of money spent 1) as premium for health insurance policy and 2) on healthcare of family members. You can claim medical insurance premiums for both top-up health plans and critical illness plans.
Who is eligible for deductions under Section 80D?
Under Section 80D, individuals and HUFs can claim deduction from taxable income. Taxpayers can avail deductions for health insurance premium paid for:
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Self
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Spouse
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Dependant children
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Parents
Payments eligible as deduction under Section 80D
Section 80D allows an individual or HUF to claim a deduction for the following payments:
- Medical insurance premium paid in any mode other than cash for self, spouse, dependent children or parents
- Expenses spent on preventive health check-ups
- Medical expenses for the health of senior citizens (60 years and above) who are not covered under any health insurance policy
- Contribution to any health schemes announced by the central government of India
Deductions available under Section 80D
Section 80D helps getting tax deductions on medical insurance premiums only. It allows the following deductions:
| Scenarios | Scenarios explained | Deduction for Self & Family | Deduction for Parents | Preventive Health Checkup* | Total Deduction under Section 80D |
|---|---|---|---|---|---|
| Self & Family + Parents (Below 60 years) | No one in your family is 60 years old or above | Rs. 25,000/- | Rs. 25,000/- | Rs. 5,000/- | Rs. 50,000/- |
| Self & Family (Below 60 years) + Parents (Above 60 years) | The eldest member in your family is less than 60 years old and either or both of your parents are above 60 years old | Rs. 25,000/- | Rs. 50,000/- | Rs. 5,000/- | Rs. 75,000/- |
| Self & Family + Parents (Above 60 years) | The eldest member in your family is 60 years old or above and either or both of your parents are above 60 years old | Rs. 50,000/- | Rs. 50,000/- | Rs. 5,000/- | Rs. 1,00,000/- |
*Preventive Health Checkup is inclusive in overall limits. *Family includes your spouse and dependent children. | |||||
Exclusions under section 80D
You cannot a claim tax deduction under section 80D in case of the following:
- If payment for health insurance premium is done by cash. Payment for medical expenses can be made by cash.
- If payment is made on behalf of working children, siblings, grandparents or any other relative.
- Group health insurance premium made by the company on behalf of the employee
Tax Saver Health Checkups at Thyrocare
Thyrocare offers a wide range of diagnostic and preventive healthcare packages at affordable rates as compared to market prices. Moreover, a tax deduction of up to Rs. 5000 is available under Section 80D.