Prevention Could be the Cure

There is again a small but significant change in the deduction for spending up to 5,000 on preventive medical checkups. Bhargav Dasgupta, CEO of ICICI Lombard says, “Providing this tax exemption to individuals is a step in the right direction… it will help in bringing a greater focus on preventive health care. Most progressive health insurance companies have already started focusing on this space.”

“You can undergo a preventive health check-up at a diagnostic centre and submit the bill along with your investment declaration to your employer,” says Vaibhav Sankla, Director of H&R Block India.

Senior Citizens

From now on Section 80D will allow a tax relief of up to 15,000 on health insurance premium paid for self, spouse and children. This small change will help the elderly to claim higher deductions on health insurance premium.

Under Section 80DDB, the tax benefit on medical treatment, for senior citizens with disabilities is 60,000. For others, the limit in up to 40,000.