Make Sure Your Parents Avail These Benefits Assenior Citizens

As a senior citizen, there arenumerous benefits that one may get from the government and even from private companies.

- Vishwajeet Parashar

Some of these advantages kick-in after attaining 60 years while some at age 65. Let’s look at some of the benefits for senior citizens under various categories.

Higher limit of deduction for medical Insurance

It is widely believed that the probability of higher medical expenses of a senior citizen is more than other younger members of the family. Seniors get extra tax benefit on buying health covers.

Premium paid towards a health insurance policy (including critical illness or any other health plan) qualifies for tax benefits under section 80D of the Income Tax Act. The premium paid towards health riders in a life insurance policy also qualifies for tax benefit under section 80D.

The quantum of tax benefit however depends on the age of the individual who is medically insured. On the premium towards self, spouse, children and parents, the maximum deduction that can be availed is capped at Rs 25,000 a year, provided the age of the individual is not above 60. If the premium paid by individual is towards health policy for his or her parent (senior citizen with age 60 or more), the maximum is capped at Rs 30,000.

Higher tax exemption limit

The Income Tax department, for tax returns filing purposes, considers 60 years of age for a person to be considered senior citizen and 80 years for very senior citizen.