Habib Antule is a financial advisor and consultant and have provided his expertise to many financial institutions for loans and insurance. One of which is a bit online financial player in the market – Apnapaisa.com.
The medical costs of treatment and surgery have increased and inflating year after year. Therefore, owning health insurance makes a sense, because of unaffordable medical cost. It helps ones to avoid medical cost and saves from huge financial loss. But, health insurance cost also increased significantly.
The government body also recognized that health insurance is very expensive and might be tough for the peoples to afford it. This is the reason government offers different tax benefit option to ease the financial burden as much as possible. The reason behind is that the more and more people will go for health insurance.
In the current scenario, tax benefits is available for all types of health insurance, whether it is purchased through employer or independently. If the person purchase health cover through their employment, the cost will be deducted from employees paychecks as a pre tax deduction. This means the money is used for the health insurance automatically lowers taxable. Additionally, such a insurance available at much lower cost. If the person purchase health insurance individually, the cost will deduct according to the schedule.
The current law provides significant tax benefits for health insurance. The premium you pay for the plan is tax deductible under section 80D of the Income Tax Act,1961. It is very important to know that health insurance premiums paid by cash is not eligible for tax benefits, only premium paid by cheque or credit card is eligible for tax benefit.
You should calculate your allowable health insurance deduction before claiming. If you are not able to do this task, then you can take the help of financial advisor to know the tax benefit on your health insurance plan.
Health insurance is not just a providing adequate health cover for you and your family, it also gives maximum benefit by reducing your tax burden.
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