Health Insurance: Tax-Saving Hack or Financial Shield? 🤔💰- By CA PRASANNA#youtubeshorts #finance

Health insurance is not just a policy—it’s your financial safety net! But did you know it can also help you save big on taxes? 🏥💡 This is only eligible under ols regime and not for new regime 💰 Tax Benefits Under Section 80D The Indian Income Tax Act allows you to claim deductions on health insurance premiums under Section 80D. This means you can protect your health and reduce your tax liability at the same time! ✅ For Self, Spouse & Children: Premiums up to ₹25,000 are tax-deductible. ✅ For Senior Citizens: If you or your spouse are 60+, the limit increases to ₹50,000. ✅ For Parents: You can claim an additional ₹25,000 deduction for their health insurance. If they are senior citizens, you can claim ₹50,000. 📌 Example: Imagine you pay ₹30,000 for your own policy and ₹40,000 for your senior citizen parents. You can claim a total tax deduction of ₹70,000, reducing your taxable income significantly! 🎯 Important Points to Remember 🔹 Cashless Mediclaim is also eligible – No need to pay upfront to claim tax benefits! 🔹 Preventive health check-ups – You can claim up to ₹5,000 additionally for medical check-ups. 🔹 HUFs & NRIs – Even Hindu Undivided Families and Non-Resident Indians can claim benefits under this section. 🚀 Why This Matters Health emergencies are unpredictable, and medical costs are rising. A solid health insurance plan ensures financial security for your family while also giving you tax relief. Smart money moves = Financial freedom! 💡 Bonus Tip: Even if your employer provides health insurance, getting an additional personal policy can safeguard you against unforeseen medical expenses. More coverage, more security! 💬 Was this helpful? Let me know in the comments! For more tax-saving insights and finance hacks, subscribe to prassimplified and hit the bell icon 🔔 Top 30 Hashtags (Side by Side for Maximum Reach) #HealthInsuranceTax #Section80D #TaxSavingsTips #IncomeTaxIndia #FinanceForAll #TaxAwareness #InsuranceTips #TaxBenefits #PersonalFinanceIndia #MoneyMatters #TaxPlanning #TaxDeductions #TaxTipsIndia #HealthInsurance #SmartInvesting #WealthManagement #FinancialLiteracy #MoneySavingTips #InsuranceBenefits #IncomeTaxSavings #TaxFree #Mediclaim #MoneyGoals #PassiveIncome #SmartMoneyMoves #InsuranceGuide #InvestmentTips #WealthBuilding #PersonalFinanceTips #FinanceHacksSubscribe/Follow : Youtube:    / @prassimplified2313   ; Instagram:   / prasanna_puranik   Linkedin:   / prassimplified