Section 80D will help you in getting tax deductions on medical insurance premiums only. The deductions allowed are as follows:

For Self and Family:

  • Maximum deduction of Rs.25,000 per year on health insurance premium for self and family.
  • Maximum deduction of Rs.50,000 per year if you are a senior citizen.

For Parents:

  • Maximum deduction of Rs.25,000 per year on health insurance premium paid on behalf of parents.
  • Maximum deduction of Rs.50,000 per year on premium payments for senior citizen parents.

Additional Deduction:

  • A deduction of Rs.5,000 can be claimed every year on expenditure related to health check-ups. This limit includes the check-up expenses of all members in a family, including spouse, kids and parents.