Are you thinking of a Full body Checkup? But also you are a money saver who wants to save money on Health Checkup as well. Nothing wrong, you have earned it with your blood and sweat, so you deserve to save it too. Don’t worry, you are screening the right article. I will try to help you out answering all your possible queries.
First of all, let me tell you that if you thought of undergoing a Full Body Checkup, you are already saving a considerable sum of money. You may ask, How?
Ok, let us understand this through a situation! One fine day, you feel chest pain and get an appointment from your Doctor, when you visit him, he prescribes you some tests. After going through the test reports, he concludes that it would have been better if you visited him earlier. Quite scary, right?
Again, you have a question: How can one prevent a disagreeable medical shock?
And answer to this question is a frequent cycle of “Full Body Checkup.” I think you are quite clear about the word ‘frequent’, that means a consistency should be maintained, for example, annually. It will be good if you fix a proper date for the checkup and put reminders for that. Scheduling is a good way of being disciplined.
Deduction on Tax on Medical Insurance charge.
If you are an Indian citizen and constitute the economy with your valuable Income Tax, then you can avail a deduction on Income tax when you go for a Medical Insurance. Section 80D of Income-tax India ( introduced from the assessment year 2013-14) provides benefits to an individual or a HUF by deduction in tax. A person having a medical insurance policy in his own name, his/her spouse, his/her parents and his/her dependent children can avail the rebate. On the other hand, a HUF can be a beneficiary of the discount when any of the members have the policy.
How much can you actually save?
The total saving which can be claimed under Section 80D at the time of filing IT return is constituted by the following:
As per www.charteredclub.com
- When an assessee pays a medical insurance premium for himself, his/her spouse or dependent children, the deduction he/she can avail is Rs. 25,000. This increases to Rs. 30,000 when the insured person is a senior citizen.
- When an assessee pays a medical insurance premium for parents regardless of being dependent or not, the deduction he.she can avail is Rs. 25,000. This increases to Rs. 30,000 when the parent of the assessee is a senior citizen. It has been announced in Budget 2018 that from the financial year 2018-19 the deduction for the senior citizen will be increased to Rs. 50,000.
Reference: Economic Times
SECTION 80D: Deduction on Tax on Preventive Health Checkup.
On Preventive Health Checkup, a deduction of Rs. 5,000 would be allowed as stated under Section 80D regardless of the person himself/herself or his/her family members including parents and dependent children.
This deduction of Rs. 5,000 is included in the above mentioned Rs. 25,000/ Rs. 30,000 or Rs. 50,000.
NOTE: Rs. 5,000 is total maximum deduction allowed. This is combinely for all. The total gross deduction will always be Rs. 5,000 even when the person pays the charge for any Preventive Health Checkup for himself + his dependent children + parents. Applied from 2013-14 onwards.
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