Understand Health care provisions (Section 80D) for you post Budget 2015

Section 80D of the Income Tax Act provides provisions for us to claim deductions in taxable income for the health insurance policies, medical expenses and preventive medical checkups that we do throughout the year. Make sure you are aware of the latest provisions as per Budget 2015, so that you can save on taxes for the money you pay on covering your health.

Health Insurance Tax Exemptions under Section 80D

After Life Insurance, Health Insurance is probably one of the most critical risk mitigation actions that you would under take. While life insurance would cover the risk related to your life and some optional top ups like critical illnesses or accident cover, health insurance is more related to covering risks wrt the expense you may have to incur on account of hospitalization for small, medium or critical illnesses.

Those of you who are in regular full time jobs with reputed organizations might be ignorant of various health insurance nuances and its income tax related implications, for the simple reason that your employer would have you and your family insured for health.