Topic: Is health insurance 100 percent income tax exempt or what?

What is the maximum limit for income tax exemption in mediclaim policy investment?

This message was edited 1 time. Last update was at 21/07/2009 07:38:10

The qualifying amounts under Section 80D is upto Rs. 15,000. However, a higher amount of upto Rs. 20,000 is permitted if the person, for whose health insurance the premium was paid, was resident and aged 65 years or more at any time during the financial year in which the premium was paid.

Total deduction that can be claimed under sec 80 D is therefore 35000/-.The taxable income is thus reduced by amount that is claimed as deduction under sec 80D.

Click here to download free income tax calculator in India

BalpreetSingh wrote:What is the maximum limit for income tax exemption in mediclaim policy investment?

Hi
Health insurance in India offers impressive tax benefits under sec 80D of the IT Act. However there is a certain limit up to which the premium payment charges are exempted from income tax and not 100% exemption. The maximum benefits one can avail is as follows,
1) Rs 15000 on premium for health insurance cover for you and family.
2) Rs 15000 on premium for health insurance cover for parents and up to Rs 20000 in case the parents fall under senior citizen category.

Thus one can save upto Rs 35000 on medical insurance premium.

Wanted to know do we get 100% exemption on the investment done in health insurance?

Does the same rules apply for the financial year 2011 or the government rules have changed for income tax exemption for health insurance

Call Unnikrishnan Nair, Senior Health Counsellor, Max Bupa Health Insurance Co.Ltd.
Mob: 09013627301/09716378289

Hi,
What is the tax implication of the reimbursement received from the insurer in case of non-network hospital? Does it tax free?

AJOY KUMAR.DOB-08-11-1956.IMPHAL.MOB-09612956204.
WANT TO KNOW ABOUT INDIVISUAL MEDICLAIM POLICY

Anonymous wrote:Hi,
What is the tax implication of the reimbursement received from the insurer in case of non-network hospital? Does it tax free?

See, it completely depends on the insurance provider whether the firm is willing to reimburse you or not. Normally they provide a list of hospitals where you can opt for cashless hospitalization at ease. It is always suggested to buy health insurance plans from providers who have a good connection of network with all the hospitals across the country and most preferable if they have a good network with hospitals around the globe.

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