Section 80D’s health insurance tax breaks

Section 80D deduction is in focus during the tax saving season. It offers tax deductions for health insurance premiums paid for self, spouse, children and parents. If you are under 60, you are eligible for a tax deduction of up to Rs 25,000. If you are a senior citizen or paying premium for an old age policy, you will get a deduction of up to Rs 50,000. So, those below 60 years of age can claim a maximum deduction of Rs 75,000, while the cap is Rs 1 lakh for senior citizens. Senior citizens who are not covered under an insurance policy can claim a deduction for their medical expenses. Preventive healthcare will get you a tax sop of up to Rs 5,000 on the overall limit.