Health is Wealth: Last-Minute Tax Benefits on Medical Expenses

Section 80D offers deductions for health insurance premiums, with additional benefits for covering parents and dependent family members with disabilities. Section 80DD provides deductions for treatment, rehabilitation, and insurance premiums for dependents with disabilities. Section 80DDB allows deductions for specified disease treatments. To optimise health-related spending, invest in comprehensive health insurance, prioritise regular check-ups, and maintain organised documentation for smoother tax filing. Prioritise your health while maximising tax savings. 

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Key Takeaways

Utilise Section 80D for tax benefits on medical insurance premiums covering yourself, spouse, children, and parents

A maximum deduction of Rs.25,000 for non-senior citizens or Rs.50,000 for senior citizen parents can be claimed under Section 80D

Claim deductions under Section 80DD for medical treatment, rehabilitation, and insurance premiums for dependents with disabilities

A maximum deduction of Rs.75,000 or Rs.1,25,000 for severe disabilities can be claimed under Section 80DD

Benefit from deductions under Section 80DDB for treatment expenses on specified diseases, with a maximum deduction of Rs.40,000 or Rs.1,00,000 for senior citizens

Ensure tax benefits and financial security by investing in a comprehensive health insurance plan for your family under Section 80D

Save on taxes by not overlooking preventive health check-ups and including the expenses in your deductions

Keep bills, receipts, and insurance premium payment records to streamline the tax filing process and claim the maximum deductions available

Frequently Asked Questions
Yes, under Section 80D, you can claim an additional deduction of Rs.50,000 if you are covering health insurance premiums for your senior citizen parents.
Section 80DD covers dependents with disabilities. You can claim deductions for medical treatment, rehabilitation, and insurance premiums, with higher limits for severe disabilities.
Yes, expenses on preventive health check-ups are eligible for tax benefits. It is advisable to schedule routine check-ups to save on taxes and ensure a healthy life.
Section 80DDB covers specified diseases like cancer, chronic renal failure, and neurological diseases. You can claim deductions for treatment expenses, with higher limits for senior citizens.
Invest in comprehensive health insurance, schedule regular health check-ups, and maintain organised documentation. These steps will not only ensure a healthier life but also maximise your tax savings under relevant sections.
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