I pay for the healthcare cover premium for both me (67) and my wife (63). Will I get an additional tax benefit for this?
—Rishabh Mehta
An individual can claim deduction from total income in respect of payment made towards health insurance premium under section 80D of the Income-tax Act, 1961. The deduction from total income can be availed towards payment of health insurance premium for self, spouse, dependent children and parents subject to prescribed conditions.
For senior citizens (60 years or above during the financial year, or FY), the deduction is restricted to Rs.30,000 (includingRs.5,000 towards preventive health check–up) for the FY. But the deduction towards premium is available only if it is paid by any mode other than cash. Since you are paying towards health insurance for self and spouse and both of you qualify as senior citizens during FY16, you can claim maximum deduction from the total income up to Rs.30,000 per FY in aggregate for the premium paid for both of you.
