EXTRA TAX SAVING UNDER Sec 80D of Income Tax Act

For financial year 2018-19 – Deduction for self and family is Rs 00 to Rs 25,000. The deduction for senior citizens is Rs 50,000. For un-insured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 50,000 shall be allowed as a deduction under section 80D. However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 50,000. 

Even if your parents are adequately covered by your employer, the cover provided would cease to exist post-retirement or you being fired or due to change in expenditure policy by employer. Considering the current rate of medical inflation in India, adequate health insurance has become a must-have for each and every individual, and if the individual happens to be your parent, the need to buy a senior citizen health insurance plan becomes all the more important.

REMEBER: your employer is not bound to cover your parents health expenses. know more