Medical Insurance and Tax Saving Schemes
Health care and medical costs can take a toll on your savings. Buy a medical insurance immediately to guarantee excellent coverage costs for yourself, your parents and family. Restructuring of earlier Income Tax clauses have brought in a variety of tax savings schemes for you. More and more people have considered saving tax through medical insurance policies as highly beneficial.
The leading names in the insurance industry in India are coming up with attractive tax saving schemes on health insurance as per the new clause under Section 80D of the Income Tax Act of 1961. Last year’s union budget has made more tax saving schemes inclusive of the health insurance policy. The insurance companies like ICICI Lombard, Tata AIG and others guarantee protection of your family and parents through better medical benefits.
Section 80D under the Income Tax Act maintained that you could claim Rs. 15,000 only, as your health insurance coverage. The sum was inclusive of the premium paid for the health insurance of the individual, parents, spouse and children. According to the new declaration by the budget last year, Rs. 15,000 can be claimed for the coverage costs of your family and an additional Rs. 15,000 for your parents. The total amount you can claim amounts to Rs. 30,000. For serious illnesses, you can get a deduction of the premium paid. Medical insurance is just the best policy option for saving tax!