Invest in Preventive Health and Save tax at the same time
The quote “Health is Wealth” is often heard but rarely implemented. In this maddening world of work, academics and rat races from all walks of life; health is often neglected. This attitude gives rise to so many preventable diseases, which if checked in time can be prevented at an early stage and rectified with lifestyle changes.
STAGES OF A DISEASE
Preventive Health packages go a long way in preventing and safe-guarding oneself from chronic diseases. Not only do they help screen the person from a wide range of diseases, they also help diagnose a disease at an early stage. Timely measures can help avoid medications and complications and only lifestyle changes can help you get back to a healthy state.
The Government of India recognizes this fact and encourages people to take up preventive health by giving incentives in the form of tax deductions under section 80D which covers health insurance and preventive health.
Every individual or HUF can claim a deduction under Section 80D for their medical insurance which is taken from their total income in any given year. Not only can you take benefit by purchasing a health plan for yourself but also you can take the benefit by purchasing the policy to insure your spouse, or your dependent children or parent. And the best part is, that it is over & above the deductions claimed under section 80C/CCC/CCD.
Individual: An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 (as per the Budget 2018) if your parents are aged above 60.
If both the taxpayer and the parent whom the medical covers have been taken for are aged more than 60 years, the maximum deduction that can be availed under this section is to the extent of Rs.100,000.
|Scenario||Premium paid||Deduction under 80D|
|Self, family, children||Parents|
|Individual and parents below 60 years||25,000||25,000||50,000|
|Individual and family below 60 years but parents above 60 years||25,000||50,000||75,000|
|Both individual, family and parents above 60 years||50,000||50,000||1,00,000|
|Members of HUF||25,000||25,000||25,000|
Any payments made towards preventive health check-ups will entitle a taxpayer to a deduction of up to Rs.5,000, which is within the overall limit of Rs.25,000 / Rs.30,000 (Rs.50,000 w.e.f. 1 April 2018) as the case may be. This deduction can also be claimed either by the individual for himself, spouse, dependent children or parents. The payment for preventive health check-up can be made in cash.
To serve our clients better, National Lab has come up with the concept of PROHEALTH, a set of preventive health packages for all age groups and needs. The aim of these packages is to offer a group of tests that don’t make numbers but offer tests that you actually need. Offered with heavy discount and nominal prices, they are must for anyone who prioritizes health. And all of them are covered under section 80D, offering you tax deductions on the same.
So don’t wait and act on your health by getting your preventive health check up done!