What are the tax benefits of health insurance policies?

 Health insurance is a form of insurance that covers medical expenditures incurred by an individual for long-term well-being. Ultimately, health insurance allows individuals and families to cover the high expenses of medical treatment. There are tax advantages to purchasing and having health insurance coverage. The premium amount paid for health insurance is tax deductible. Section 80D of the Income Tax Act allows you to claim tax benefits on your health insurance premiums. As a result, based on an interview with various industry experts, here's how you can get tax breaks on your health insurance premiums.

Sujit Bangar, Founder, Taxbuddy.com: We all are aware about health insurance benefit for tax deductions. Where we get confused are two things. Firstly , deduction for health insurance is different from deduction under 80C bracket. This health insurance deduction is over and above 150k limit of 80C. Secondly, we all do regular health check up. Especially, everybody amongst us has done RTPCR test once or twice. This expenditure can be claimed as deduction u/s 80 D upto ₹5,000/- . We should not mis out on this.

Source Link: https://www.livemint.com/money/personal-finance/what-are-the-tax-benefits-of-health-insurance-policies-11679762594585.html

Website Link: https://www.taxbuddy.com/

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