How Preventive Health Check-Ups Can Lower Your Health Insurance Premiums?

Preventive health check-ups can play an important role in ensuring financial safety as they can lower overall health insurance premiums.

Lifestyle has changed significantly in the past few years. Apart from being swamped with work, people indulge in unhealthy eating habits. This eventually leads to many preventive diseases, making it difficult to get any treatment challenges.

Medical professionals are concerned about the increasing risk of preventive diseases. Therefore, they are opting for preventive health check-ups, eventually leading to several complications. A mediclaim policy can be one of the key ways to faster and better treatment of diseases. The insurance will offer coverage for oral medications, operations and surgeries.

Who Should Consider Getting Preventive Health Medical Insurance?

Preventive health check-ups are not just beneficial for senior citizens—they are equally important for individuals over 30. As stress levels rise and lifestyle habits change, the risk of serious medical conditions increases. Regular check-ups help in early detection and timely medical intervention, especially if you are thinking of opting for health insurance for senior citizens.

Who Should Prioritize Preventive Health Check-Ups?

Including preventive health check-ups in a comprehensive family health insurance plan ensures that all insured members receive timely medical care. People diagnosed with the following conditions should particularly consider regular screenings:

• Hypertension
• Cardiac diseases
• Obesity

Routine check-ups help monitor these conditions and allow for early medical intervention, such as cancer screening, when necessary. Cancer is often symptomless in its early stages, making preventive screenings crucial. Regular check-ups can lead to early detection, improving treatment outcomes. Additionally, individuals with a family history of cancer or other risk factors should undergo periodic screenings to enhance their chances of recovery.

Investing in preventive health check-ups is a proactive step toward better health and can significantly reduce the risk of severe medical complications.

What Type of Preventive Health Checkups Can Lower Premiums?

Choosing the correct type of medical insurance can play an essential role in lowering premiums. Some of the prominent kinds of preventive health check-ups which can help in reducing premiums include:

1. Family Package: The family package can also cover health insurance for senior citizens, offering protection for full-body checkups and dental and ophthalmic consultations. There are customisation packages available as well.

2. Dental Package: These dental packages are out of your regular checkup plans. However, these are gradually becoming popular in the market.

3. Cancer Package: The cancer Package is provided for future risk assessment and complete cancer screening.

4. Paediatric Package: These healthcare plans are available for kids upto 13 years of age across different areas like general, paediatric, dental and ophthalmic.

5. Fertility Packages: Couples struggling to conceive can choose fertility check-ups and eventually get expert consultations.

Reduce the Healthcare Costs

The preventive health check-up may seem expensive for the first time, but it is worth the investment in the long run. Preventive healthcare can save spending on regular check-ups, medicines and consultations. This can play an essential role in saving significantly upon investments. Moreover, the policyholders can claim around ₹5,000 on the deductibles for healthcare checkups under the Income Tax Act. Therefore, it offers a wide range of financial benefits.

Who Can Claim Deduction for Preventive Health Check-ups Under Section 80D?

As per Section 80D of the Income Tax Act in India, individuals holding a valid health insurance policy can claim the deductions on preventive health check-ups. Therefore, the following individuals can only claim the deductions on the mediclaim policy:

1. Self: The policyholder will be eligible to claim a deduction on the health insurance policy for all preventive healthcare check-ups.
2. Parents: If the policyholder has enrolled their parents in the healthcare policy, they can also claim the deductions.
3. Children: Policyholders and children can claim the deductions on the checkups. However, the policyholder must cover the dependent children to benefit them.
4. Spouse: If the policyholder has named their spouse in the policy, too, they can claim the deductions for preventive healthcare check-ups.

Is It Mandatory to Have Medical Insurance for Preventive Health Check-ups?

While you are eligible for tax deductions on health check-ups without medical insurance, it is advisable not to do so. Insurance can play an essential role in saving money and also surprises. Most of the health insurance plans these days offer coverage for these preventive health check-ups. Therefore, you may use these for tax deductions as well.

It is advisable to check what type of coverage your medical package offers so that you can claim the deductions accordingly. Below are the key packages under which coverage can be provided:

1. Diabetes Package
2. Cardiac package
3. Dental package
4. Family package
5. Children package

What is the Maximum Deduction Claim Available Under the Medical Checkup Package?

Under Section 80D of the Income Tax Act, you can claim a maximum deduction of ₹5,000 annually for preventive health check-ups. However, this amount is not over and above the total deduction allowed under Section 80D—it is included within the overall limit.

Here’s how it works:

• For Self, Spouse & Children: You can claim up to ₹25,000 in total, which includes health insurance premiums and preventive health check-ups (₹5,000 max). The amount rises to a total of ₹50,000 if you or your spouse is a senior citizen.
• For Parents:
  • If parents are below 60 years, an additional deduction of up to ₹25,000 is available.
  • If either parent is 60 years or older, the limit increases to ₹50,000.

Key Points to Remember:

• The ₹5,000 deduction for preventive health check-ups is within the ₹25,000 or ₹50,000 limits, not extra.
• Payments for health insurance premiums must be made through digital channels (net banking, UPI, card, cheque, etc.) to qualify.
• Cash payments are allowed only for preventive health check-ups.

When filing your Income Tax Return, ensure that all payments align with Section 80D guidelines to maximise your eligible deductions.

Tax Benefits on Cash Payments for Preventive Health Check-Ups

Unlike health insurance premiums, preventive health check-up payments can be made in cash and still qualify for tax benefits under Section 80D. Since these check-ups are not part of traditional health insurance, there is no requirement for payments to be made via bank transfers, credit cards, or other digital modes.

Key Points to Remember:

• Cash payments are allowed for preventive health check-ups.
• Ensure you collect and retain the bill as proof for tax deduction claims.
• The maximum deduction allowed for preventive health check-ups is ₹5,000, which is included in the overall Section 80D limit.

When filing your income tax return, keep all receipts handy to support your claim and reduce your tax liability.

Why Choose Preventive Healthcare Checkups?

Apart from tax benefits, these preventive health care checkup packages can offer many benefits. Some of the most notable ones include the following:

1. Regular health check-ups can play an essential role in overcoming any potential health disaster.
2. You can understand more about your vitals by being informed through blood tests, weight monitoring, and cholesterol levels. Therefore, you can make necessary adjustments as required.
3. Customised preventive healthcare checkup packages are available, providing convenience and easy catering to your needs.
4. Proactively maintaining your health conditions can be the key way to staying healthy. Not only does it help in expanding your lifespan, but it also improves the quality of your life.
5. You wouldn’t have to worry about additional costs as you already have the preventive healthcare checkup packages. Thus, you can have peace of mind to file the claims and get the necessary returns.

Conclusion

Preventive healthcare check-ups can be crucial in lowering your premium through tax deductions. However, you must keep all the filings in place to claim these tax deductions. Since you can claim it under Section 80D, ensure your documents are in order. You can submit these documents and claim the deductions. As a result, it would help you save a significant sum on your insurance premiums. You can consult your insurance partner and choose a plan that best suits your needs.How Preventive Health Check-Ups Can Lower Your Health Insurance Premiums?