Medical insurance premium paid offers tax benefits under Section 80D. The Finance Act, 2018 offers higher deductions for medical premiums paid for senior citizens.
No one over 60
In case no one in the family is over 60, the deduction is up to Rs 25,000. For medical insurance paid for parents below 60, deduction is up to Rs 25,000. Hence total deduction one can claim is up to Rs 50,000.
