Invest in Health, Invest in Wealth
Feb 01, 2023
No one is certain what the future holds. Medical emergencies, especially, can catch us off-guard. Therefore, it is always advisable to be safe than sorry when it comes to medical insurance.
Health investment is an essential aspect of financial planning, as it not only helps to ensure that you have sufficient funds available to pay for medical expenses, but it can also provide multiple benefits.
Investing in health insurance is also a great way to save on taxes. Premiums paid for health insurance are tax-deductible. The government encourages everyone to purchase medical insurance and allows tax deductions under Section 80D.
What is Section 80D?
Section 80D of the Income Tax Act states that every individual or Hindu Undivided Family (HUF) are eligible to claim a deduction of medical insurance premiums paid in any given year from their total income. This deduction is also available for additional health insurance and critical illness insurance.
Eligibility Criteria for Deduction Under Section 80D
As per Section 80D, the following individual or Hindu Undivided Family(HUF) can avail of the deduction benefit when purchasing a health insurance plan:
- Dependent Children
Keep in mind that only Individuals and HUFs are the taxpayer categories that can deduct medical insurance premiums and medical expenditures for senior citizens.
Eligible Payments Valid for Deduction Under Section 80D
When availing benefits for section 80D, keep in mind that the following payments are eligible for deductions:
- Preventive health check-up expenses.
- Medical expenses of senior citizens (60 years of age or older) not covered by a health insurance plan.
- Medical insurance premium paid in any way other than cash for self, spouse, kids, or parents who are dependant.
- Contribution to the Central Government's health scheme or any other health scheme.
Benefits of Health Check-up Under Section 80D
Healthcare practitioners always advice people to be mindful of their lifestyle and detect any underlying conditions early with preventive health check-ups. Investing in health check-ups not only save you from medical uncertainties but also offers tax benefits. An individual or HUFs can avail of tax exemption of Rs. 5000 on preventive health check-ups under Section 80D of the Income Tax Act.
Benefits of Apollo Diagnostics’ Health Checkup
Apollo Diagnostics offers you extensive health check-up options that offer up to Rs. 5,000 off on u/s 80D Income Tax. You can choose from check-up options for all ages, bearing the hallmark of trust and assurance of Apollo for on-time home sample collection (30 min) and report delivery (6hrs).
Individuals also get the option to opt for various packages specifically catered to men and women and other package category with additional benefits.
Health investment is a smart way to ensure that your healthcare rewards you in the long run. Invest in smart and diverse options to secure a life that safeguards you from the uncertainties of life.
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