What is the tax benefit in case of medical expenses incurred with a health insurance policy for senior citizens?
Aloka Rani, Delhi
You can claim tax deductions on premiums paid towards health insurance under Section 80D of the Income-tax Act. In case of most taxpayers, any payment towards health insurance or preventive health check-up for self, spouse and dependent children of individual is allowed as deduction subject to a limit of Rs 25,000. Where such expenses is towards medical expenditure of very senior citizen (i.e., 80 years or above) not covered by health insurance, deduction is allowed up to a limit of Rs 30,000.
