Prevention is better than Cure & Cry

Very often we hear, “I had to rush my father to the hospital for sudden chest pain. He was fit till previous night, but got unwell in the morning.” Maybe this situation is true in case of many diseases. However, as we all are aware that sedentary lifestyle with unhealthy eating and improper rest can often give rise to such health issues. So, if there is no way to offbeat it, we should at least be aware about it. One of the easiest ways to do it is going for regular health checkups. Please note any health checkup does necessarily mean detection of illness. It is to determine that the body clock is doing its job well and there is no sign of rotting organs.

You might be wondering why a Personal Finance blogger is today concerned about our personal health. Of course there is a finance angle attached to it, where every tax filing individual can in addition to health insurance premium paid for self, spouse, children and parents under Sec 80D can also claim deduction up to Rs. 5000 pa for the entire family.

Yes, it is a preventative health check up benefit, which we hardly are aware about. We all spend on different blood tests and body check up at different stages of our life but ignore to claim it under tax. Thus, we would just like to share pointers that would help you determine your eligibility for claiming the amount under tax.

Quick info about Preventive health Check up expense benefit under Sec 80D

1. Preventive health Check up is not undertaken on advice of doctor on detection of any illness. It is a general test, which is undertaken voluntarily by an individual. It is for Prevention and not benefit for treatment.
2. It is in addition to your health insurance premium. So, if you have any family member (i.e. including self, spouse, children or parents) up to the age of 60, then you claim total deduction of Rs. 25000/- under 80D. If the age of any member or parent is above 60, you can increase the claim amount to Rs. 30,000/-.
3. You can make the payment for the preventive check up even in cash.
4. There is no specified law mentioning the kind of test you can claim as deduction, hence it is safe to include any health checkup in this parlance.
5. There is no need to submit any proof or document to the IT department. However as a better practice, keep the payment receipt safe to show in case of any query raised in future.

We would like to conclude that if there is a facility made available for the betterment of an individual health, then we should use it to the fullest. With new lifestyle diseases cropping up with new day, isn’t it better to have our precautionary tool ready. Also, there is a monetary benefit attached to it. What else do we need to motivate us for a healthy living.

Team
Saarthi Financial Planners
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