Here’s how you can enjoy tax benefits on your health insurance
Competitive corporate environments, unhealthy eating habits, stressful working hours, and a lack of exercise - this is how a professional’s typical weekday looks like. These factors have resulted in many lifestyle-associated illnesses among the working population. This is why it has now become important for everyone to get health insurance to protect their savings when they fall ill. Now, we all know that health insurance can truly help protect our hard-earned money during a medical emergency. Yet, the advantages of purchasing health insurance are not just limited to the security of your finances. Health insurance also offers tax benefits on the premium paid for the policy, depending on your coverage and plan. These tax benefits are possible thanks to Section 80D of the Income Tax Act. According to this section, an individual can enjoy a tax deduction for the health insurance premium paid from their total taxable income. This includes the amount paid for buying or renewing medical in