Health Insurance: What You Need To Know For Upping Your Tax Saving Strategy

  Are you preparing your taxes for the current fiscal year? Great! You must already be aware that section 80D of the Income Tax Act provides tax benefits for health insurance premiums paid for you or your family. According to the legislation, you can deduct any premiums plans you pay for health insurance for parents , relatives, or children. Whether or not your parents or children are dependent on you, you are still eligible for this deduction. The total amount of tax benefits you can receive is also limited. The maximum tax benefit deduction amount is based on the insured person's age. If the insured person is younger than 60, the highest tax deduction that may be claimed is Rs. 25,000 per year. On the other hand, the deduction granted is Rs. 50,000 if the insurance is older than 60. You can receive a maximum tax advantage of Rs. 1,000,000 if you have health insurance for yourself and your parents, who are at least 60 years old. You receive benefits on premiums paid for health che...