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A
mit should buy health insurance
parents is over 60, tax ben-
over notjust for his diabetic parents
efit of up to ?50,000 for
but also for himselfand his family.
medical insurance paid for parents
His family may be in good health
is allowed. Also. premium paid for
ow. but sudden illness or accidents family-self, spouse and children,
can resull in large medical bills that can put a enjoys ?25,000 deduction. This
strain on finances. Since the family is young makes the total deduction avail-
and healthy, the cost of the insurance cover will able up to ?75,000 in a year.
be low. Besides, it is better to start early not only
for the cost advantages but a lso because a record
of uninterrupted health cover makes it easier to Eldest member in
get insurance when you need it mostlater in life. the family over 60
Secondly, Amit needs to figure out the type (Al Where one family mem·
ofpolicy that he wants to take. He can opt for a ~ ber-self, spouse or chil-
floater policy that will cover his entire family or dren-is over 60, one
take individual health plans. While the floater can claim up to ?50,000 in tax
policy will give him the advantage ofcovering benefit on medical insurance.
his whole family at a low premium and a larger Additionally for parents over 60,
sum assured, it comes with certain drawbacks. medical insurance paid can fetch
The most important is that the premium will up to ?50,000 in tax benefit. so,
typically depend upon the age oft he oldest total deduction in this case can
member of the family being covered, in this be up to n lakh a year.
case Amit's father. Given his age and medical
complications, the premium will be higher. A Eligibility
floater policy has the additional issue oft he
policy terminating on the demise ofthe primary One can access the fol·
insured person. The others will then be left lowing.link on the income
without cover and will have to take a new policy. tax department website to
Amit should consider covering his parent's
check amount of deduction appli·
cable for assessee under Sec 800
separately with individual health plans so
for a particular assessment year.
that they are adequately covered for their
https://www.incometaxindia.gov.
specific requirements. For himself, his wife and
in/Pages/tools/deduction-under·
children, a low-cost family floater policy will section-80d.aspx
work well. His decision to take a family policy
or individual plan should not be based on cost
alone but also the flexibility to tailor the cover to The content on this page is courtesy Centre for investment Education and Leaming (CIEL). Documents
contributions by Glrija Gadre, Arti Bhargavaand Labdhi Mehta.
suit their specific needs.
~ The premium payment
~~ receipt and policy copy
_ . which shows the name
of the family members and
their relation and age should be
preserved to claim the deduction.
5
an income tax business (not opted for maintenance the 30 September of penalty of 0.5% citizens· deduction can also be
point of view presumptive taxation of books of the subsequent year of his turnover spent for medical expenses.
such as incomes, scheme) or whose gross accounts and in case of taxpayers gross receipts 3. Health insurance premium paid at
deduction. professional income is certification who have not entered ubject to a one go allows tax benefits for the
compliance with over ?50 lakh need to by a tax into an international maximum of number of years of insurance cover.
tax laws etc. get a tax audit done. auditor. transaction. n.s lakh.