It has been noticed that medical insurance and preventive health check up both are treated as unnecessary expenses and no benefit plans. Therefore, the number of taxpayer claiming full deduction under section 80D is negligible and taxpayers prefer paying income tax. One should not always look for returns against money especially when you are investing in your health. In terms of prudent financial planning, medical emergencies should be covered through investment in insurance plans and it’s better to delay them further with preventive health check up. The tax deductions are provided for making your life safe and better.
There has been a continuous rise in medical costs, emergencies and available treatment. The reasons for this rise are inflation, rising demand, unhealthy lifestyle and superior medical facilities. Those who think nothing medically could happen to them should visit the nearest hospital and enquire how many young and fit people have to deal with sudden medical attacks resulting in financial crisis. You can take expert help to make optimum use of deduction under section 80D.
Philanthropically, you can treat your medical insurance premium as donation for genuine medical patients. While you are able to avoid any medical emergency, your premium would be utilized for others’ medi-claim. Thus you save tax, while making safeguarding your and your family’s health as well as contributing to society.
Here we bring you a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:
- Align you tax saving investments to your financial goals
- Claim what is rightfully yours
- Income Tax Authorities know it all – report money from everywhere
- The Sooner the Better – File your return early
- If it’s exempt, why hide it?
Click here to avail our tax saving solution – TaxOptimizer and a dedicated Chartered Accountant would be assigned to you shortly. Alternatively, you can write to our tax experts at tax.optimizer@taxspanner.com.
