Tax Slabs for Health Insurance based on age bracket

Hello Shubham,

Here's a link that may help. Let us know.

https://cleartax.in/s/medical-insurance

Hi Shubham,

As per section 80D of the Income Tax Act 1961, taxpayers can get the tax benefits on health insurance as a tax deduction on the premiums paid in a financial year. Please read the definitive guide to tax benefits on health insurance for more details.

Regards,

Riya Thapa

The average price of medical insurance for an adult in the United States can be very different in cost and varies on average from $150 to $500 per month.

The final cost depends on the type of insurance plan itself, as well as the state, county, age, medical history, income of a person/family, and other factors.

Hey Shubham,

It’s a great question as a lot of people in India do get health insurance for their parents who are above 60 and spouses and kids who are below 60, and the tax benefits are different for these two age groups. To help you understand the breakdown of the tax benefits let’s see it in three cases:

Tax Benefits on Health Insurance for Individuals and Family below 60 years

The maximum allowable deduction for premiums paid towards individual health insurance plans, whether short-term or long-term, is Rs. 25,000/-, regardless of whether the policy covers only the individual or includes the spouse and children.

Tax Benefits on Health Insurance for Individuals and Parents Below 60 Years

Both short-term and long-term health insurance policies offer a maximum deduction of Rs. 50,000/- if parents are also included in the policy, along with the spouse and children. This is because an additional amount of Rs. 25,000/- is provided for parents in addition to the Rs. 25,000/- deduction available for self and family.

Tax Benefits on Health Insurance for Both Individual Families and Parents Above 60 Years

Senior citizens who have purchased short-term or long-term individual health insurance policies are eligible for a tax deduction of Rs. 50,000/-. If the policy also includes senior citizen parents, then the Rs. 50,000/- deduction available to them is added to the Rs. 50,000/- deduction provided to the policyholder, resulting in a total deduction of Rs. 100,000/-.

Hope it helps!