Is Health Insurance Tax Deductible?

What is the income tax relief provided by the health insurance policy?

There are certain income tax deductions available for people purchasing health insurance policies. The income tax relief is provided by the GOI to encourage more number of people buying health insurance policies. Below are the income tax exemptions available if a health insurance policy is purchased.

As mentioned above the minimum tax exemption under your health insurance policy is Rs.25k and the maximum tax exemption is Rs.60k. Further tax exemption can be availed through family health checkups.

Is Medical Insurance Tax Deductible?

Yes, the government promotes medical insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961. The benefit is available to individuals or families on medical insurance premiums paid.

Are Health Insurance Premiums Tax deductible?

Tax deductions can be helped on individual health insurance or family floater plans. Premiums can be paid through health insurance is taken for self, spouse, dependent children, and/or dependent parents are allowed for deduction.