Tax Benefits Of Health Insurance

By BankBazaar | May 7, 2016

Save tax with Health Insurance

Design Credits: Rakesh Mohan

Health is Wealth is a famous proverb, and rightly so! Most of us take our health casually till a close encounter with an illness gets us serious about it. Likewise, despite numerous reminders, we also tend to make light of costs associated with health keeping. But, if your are careful and plan ahead with a Health Insurance Plan, it will do you a whole lot of good, physically and financially. What’s more, you get tax benefits on a Health Insurance Plan, allowing you to save precious pennies on your monthly take home.

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6 thoughts on “Tax Benefits Of Health Insurance

  1. AvatarMayra

    As mention in this blog “Health is Wealth” is famous and true proverb. We all need health insurance, but most of us think that why we need health insurance and how we afford insurance cost. But, we forget this thing that if we cannot bear insurance cost then how we can bear our medical expenses. Not only this we can save taxes as well through health insurance.

    Reply
    1. AvatarTeam BankBazaar

      Hi Mayra,

      Thanks for your valuable feedback. Do keep reading our blog for more articles like this.

      Cheers,
      Team BankBazaar

      Reply
  2. AvatarChintan Grover

    It’s important to have Health Insurance. Many times we have medical conditions when we realize that we don’t we buy a insurance policy. Because small amount of insurance money will be cover our big bills of hospitals. But, I am still confused that how Health insurance beneficial in tax. Please explain.

    Reply
    1. AvatarTeam BankBazaar

      Hi Chintan,

      Thanks for writing to us. You can claim tax exemption up to Rs. 40,000 for the Health Insurance premiums that you pay. This is under Section 80D of the Income Tax Act.

      Cheers,
      Team BankBazaar

      Reply
      1. AvatarChintan Grover

        Can you please explain it more? That what is Section 80D and how can i claim tax exemption under this section. As I am not much aware about all these tax saving sections and schemes. Thanks.

        Reply
        1. AvatarTeam BankBazaar

          Dear Chintan,

          Thanks for writing to us. If you are salaried, you need to declare your investments to your employer and you will get tax exemptions under the different sections of the Income Tax Act. Section 80D is one of these sections. After you have declared your investments, you need to follow up by submitting proof of these investments to your employer.
          Here’s an article that explains it all: Your Income Tax Exemption Guide For The Financial Year 2016-17

          Cheers,
          Team BankBazaar

          Reply

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