You must already know the tax benefits you can claim for a health insurance policy; however, did you know you can also claim a tax deduction for a preventive medical checkup? A regular health check will also keep you away from spending lakhs of money on any ailment which could have been detected earlier.
A yearly medical checkup is recommended at any age, but it is particularly advised when you cross 40 years of age, considering how uncertain life is these days.
Lifestyle-related diseases such as heart ailments and diabetes are increasing across different age groups. Getting a yearly health checkup via a reliable medical centre can prevent you from having any medical shocks. It will only be your added bonus when you seek a tax break on these expenses. A preventive health check will help you avoid health risks in the early stages and prevent you from hefty medical expenses.
A tax deduction concerning a preventive health check works as follows:
You must have incurred an expense in a specific financial year. The expense can be related to self, your spouse, parents and your dependent children only. Rs 5,000 is the maximum amount eligible for tax deduction under Section 80D, which is a part of the all-inclusive limit worth Rs 25,000 for individuals and Rs 50,000 for senior citizens for health insurance premium or mediclaim.
Hence, if you have not used the Rs 25,000 limit completely, you can consider utilising the balance by getting a preventive health check done. For example, if you have paid Rs 20,000 as a premium for your health insurance policy, and you underwent a health checkup worth Rs 5,000, then you can avail a tax deduction for the total amount of Rs 25,000 under 80D.
For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.
