Medical Insurance Premium For Senior Citizens. 3,000 only (as the overall limit of deduction under section 80d in respect of assessee and. For those who are surviving on a pension, the increase is rather steep.
Benefits available in respect of expenditure incurred on account of medical insurance premium or medical expenditure to a senior citizen: If you pay a premium for your parents who are senior citizens (age 60 or above), the maximum health insurance benefit for tax purposes is capped at inr 50,000. As a taxpayer, you may, therefore, maximize tax benefit under section 80d up to a total of inr 75,000, if you are below 60 years of age and your parents are senior citizens.
The plan comes with an option of automatic recharge of the sum insured.
This means that senior citizens get higher tax exemptions. Health insurance premium hike affects senior citizens. Care senior health insurance is a comprehensive health insurance plan designed to protect senior citizens against hefty medical expenses. This was proposed to be revised from rs.30,000 to rs.50,000 under section 80d of the income tax act, 1961 for all senior citizens.