Health Insurance - Its Importance and Tax Benefits

Health Insurance - Its Importance and Tax Benefits

We never know when emergency will strike us, it can surprise us at any moment, and we need to protect our self and family from any medical emergency. Medical expenses are growing at more than 10% every year. It is always advised to have Medical Insurance covering your entire family in investment portfolio.

Health Insurance is mandatory for every individuals, Even though employer provide group health cover for employees, It is always advised to avail a personal cover for you and family. Foremost Importance in financial planning is covering you with adequate life and health cover.

Health insurance takes care of all your hospitalisation expenses. Few policy offer pre and post hospitalisation cover of 60 to 90 days.

Health Insurance are available in various forms

·                   *  Individual Policy

·                   *   Family Floater Policy

Family Floater Policy covers all the members of family who are insured against specific sum assured in the policy. Health Insurance is available in various forms like Hospital Cash Products, Critical Illness Cover Products etc.

Health Insurance premium paid can be exempted under section 80D of Income Tax Act. Apart from Health Insurance Premium, Preventive Check-up done during the Financial Year amounting to Rs 5000 is also can be exempted under  section 80D of Income Tax Act.

Person Covered	Excemption Limit	Preventive Check-up	Maximum Excemption
Self and Family	Rs 25000	Rs 5000	Rs 25000
Self, Family and Parents	Rs 50000	Rs 5000	Rs 55000
Self, Family and Senior Citizen Parents	Rs 55000	Rs 5000	Rs 60000

Mentotax Recommends to avail Health Insurance as early as you can. Since the premium of health insurance increases with age. Mentotax advises to carry out preventive health check-up, because prevention is always better than cure.

You can avail max tax exemption from Rs 1300 to Rs 18720/- based on your tax slabs.

Person Covered	Maximum Excemption	Tax Slab
		5%	20%	30%
Self and Family	Rs 25000	1300	5200	7800
Self, Family and Parents	Rs 55000	2860	11440	17160
Self, Family and Senior Citizen Parents	Rs 60000	3120	12480	18720

#Mentotax  #HealthInsurance  #Tax  #80D  #FY2020

For More Clarifications:
Mail: Mentotax@gmail.com

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