Only these ITR filers are eligible to receive tax benefits on mediclaim

People must complete their ITR, which is quite necessary. Even if a person’s income is not taxable, submitting an ITR can still provide a number of advantages. In addition, when filing income tax returns, individuals have access to a variety of tax-saving options. In addition, people can profit from submitting an ITR for medical insurance. Many medical insurance plans also cover the entire family at the same time. Knowing who can receive tax benefits from that medical insurance policy is crucial in this circumstance.

Medical Insurance

Medical insurance premium deductions may be claimed under section 80D rather than 80C. In addition to the Section 80C deduction of 1.5 lakh rupees, there is a tax benefit under Section 80D. For the financial year 2023–24 and forward, the new tax regime will be the default tax regime, and deductions under Chapter VI A, such as 80C, 80D, etc., will not be permitted under the new tax regime. People in this position won’t qualify for tax benefits under the new tax system for medical insurance.

Old tax regime

You may claim a deduction under Chapter VI A of the Income Tax Act if you choose the old tax regime. According to Section 80D of the Income Tax Act, a person who purchases medical insurance on behalf of themselves, their spouse, their dependent children, or their parents may deduct the cost of that insurance. The Act makes no reference to the proposer or the policy owner. Only the “pay premium” for the coverage for yourself, your spouse, your dependent children, or your parents is mentioned as being eligible for the deduction.

This is the limit.

The most you can deduct for yourself, your spouse, and your dependent kids is Rs 25,000. The cap rises to Rs 50,000 in the case of senior citizens. Similar to the above, you are eligible to receive an additional benefit of Rs 25,000 for your parent’s medical insurance coverage if you are paying the premiums for their policy. The cap rises to Rs 50,000 if the parents are elderly. The premium must be paid in non-cash in order to be eligible for the deduction. In addition, you are entitled to a tax deduction of Rs 5,000 per year for family preventative healthcare.

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