Health Insurance Tax Benefits for Senior Citizen U/S 80D

Maximising Health Insurance Tax Deductions for Seniors: A Section 80D Guide

In this sedentary lifestyle, people are more prone to lifestyle diseases. Senior citizens are more vulnerable to several health issues as they age. Leading a stress-free, peaceful and healthy life without any financial burden is essential for senior citizens for the rest of their lives. However, most people, especially senior citizens, need to know that they can claim a tax deduction for the premium paid towards health insurance for every fiscal year.

Can senior citizens save tax under section 80D? Let’s discuss it here!

What is Section 80D?

Under Section 80D of the Income Tax Act, 1961, a person can avail of tax deductions on health insurance premiums, preventive health check-ups for self and family (spouse, dependent children and parents) and a central government health scheme for senior citizens.

Tax Deduction is available under section 80D

A person (senior citizen) can claim a tax deduction for a preventive health check-up up to the limit of ₹ 5,000/- but it will be included in the overall tax deduction.

Exclusions under section 80D

• An individual cannot avail of tax benefits for working/independent children, siblings or on behalf of grandparents.
• Cash will be excluded from the list of tax benefits when buying a health insurance policy.
• Group Medical Cover (GMC) provided by the employer will not be taken into account in the employee’s income tax deduction. Even so, the employee can avail of the tax deduction on their additional add-on cover or top-up plan purchased, for which they pay Premium out of their pocket.

Section 80D of the Income Tax Act allows senior citizens to claim a tax deduction on their health insurance premiums. This means that if you are a senior citizen and you have a health insurance policy, you can claim a tax deduction for the premiums you pay for that policy.  

This can help you save money on your taxes and make it more affordable for you to access quality healthcare.

To claim the tax deduction under Section 80D, you must be a senior citizen who is aged 60 years or older. If you are a senior citizen and you have a health insurance policy, you can claim a tax deduction of up to Rs. 50,000 per financial year on the premiums you pay for that policy. If you are a senior citizen and your parents are also senior citizens, you can claim an additional tax deduction of up to Rs. 1,00,000 per financial year for the premiums you pay for the health insurance of your spouse.

To claim this tax deduction, you must provide receipts for the medical expenses you have incurred.

Are medical expenses tax deductibleAre medical expenses tax deductible for senior citizen parents available?

Yes, medical expenditure for senior citizen parents medical expenditure for senior citizen parents could be availed off. For senior citizens who are aged above 60 years, the tax benefit amount is a maximum of ₹50,000 each financial year. Taxpayers could make a medical claim of a total deduction of a maximum of ₹1 lakh under Section 80D, combining advantages for themselves, spouses, dependent children, and parents.

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Summing up

While filing your income tax return (ITR), remember to submit your documents as proof along with your medical bills to avail the tax benefits provided for senior citizens and lead a hassle-free life.