Section 80D’s health insurance tax breaks

Section 80D deductions are in focus during the tax-saving season. It offers tax deductions on health insurance premiums paid for self, spouse, children and parents. If you are under 60, you are eligible for tax breaks of up to Rs 25,000. If you are a senior citizen or are paying premiums for your parents’ policies, you will get deductions of up to Rs 50,000. So, those under 60 can claim a maximum deduction of Rs 75,000, while the cap is Rs 1 lakh for the elderly. Senior citizens not covered under insurance policies can claim deductions for medical expenses. Preventive healthcare will earn you a tax sop of up to Rs 5,000 within the overall limits.