Can health insurance be tax deductible? How much? What are the conditions?

 The tax filing season is back once again. Those who earn income must file tax returns with the Revenue Department as required by law. Which people who have been working for many years would probably close their eyes to easily file their taxes online and know that there are also tax deductions , one of which is the use of tax deductible health insurance. But for newbies who have just stepped into the arena, paying taxes may be confusing, so Ngern Tid Lor will answer questions about how much tax deduction health insurance can offer. What are the conditions? If it is health insurance for parents, can it be used as a tax deduction? How many baht will be tax deductible, etc. Read this article!

 

What is a tax deduction? Can health insurance be tax deductible?

tax deduction Is an item that is required by law to be deducted from money after all expenses have been deducted in order to get "net money" and then use the net money to calculate tax according to the personal income tax rate The tax deduction will make paying less tax. or help get a tax refund The tax calculation formula is

 

Annual income - expenses - tax deductions = net income

 

Income tax x rate of tax = amount of tax payable

 

When asked if health insurance can be tax deductible, the answer is “yes” , but there are many conditions. The things that are set out about the use of health insurance are tax deductible.

 

Health insurance is tax deductible. What kind of health insurance must be used?

 

It is true that health insurance is tax deductible. whether to buy health insurance online by yourself or buy health insurance from an insurance broker But life insurance companies or non-life insurance companies that buy health insurance Must operate in Thailand To be able to use the tax deduction privilege The type of health insurance that can be used is

 

Insurance that provides coverage for medical treatment arising from illness and injury. Disability and dismemberment compensation due to illness or injury

Specific accident insurance that provides coverage for medical treatment for disability. dismemberment and bone fracture

Critical Illnesses such as cancer insurance

Long Term Care Insurance

But it's not that you can use health insurance to submit tax deductions straight away. Because you must inform the insurance company that you want to reduce tax with health insurance. The insurance company will then send your information to the Revenue Department.

 

buy health insurance online for yourself How much is the tax deduction?

I usually buy health insurance for myself anyway. Because I know that illness is inevitable. Life is much better with health insurance to compensate income when hospitalized. or outpatient health insurance that is eligible for early treatment which their own health insurance can be tax deductible If the conditions for exercising tax deduction privileges are met

 

But the question is how much your own health insurance can be tax deductible. The answer is that if it was in the past, it would only be tax deductible by 15,000 baht, but now you can use your own health insurance to deduct tax as you actually paid no more than 25,000 baht . and when combined with life insurance premiums or life insurance deposits must not exceed 100,000 baht

 

Can I buy health insurance for the elderly aged 50-60 years (parents) for a tax deduction?

Most of the parents of salaried employees are probably entering the elderly age. Buying health insurance for the elderly 50-60 years or their parents is very necessary. because there is no way of knowing when you will fall ill Parents' health insurance will provide peace of mind in terms of medical expenses. which you can use your parents' health insurance for tax deduction

 

which parents' health insurance can be used as a tax deduction up to 15,000 baht (including father and mother not separate amounts) in the event that there are siblings by blood, the tax deduction must be divided by

 

Let's say you have 2 blood siblings together to buy health insurance for your parents. When it's time to file your taxes, you have to divide the average equally, which is 15,000 ÷ 2 = 7,500 baht per person. being an only child then take full advantage of tax deductions with parental health insurance

 

If you don't buy health insurance for your parents But buy health insurance for the spouse's parents The health insurance of the spouse's parents can also be used as a tax deduction. But there is a condition that Your spouse must be a real child. By blood, not adopted and the spouse must have no income to be able to use the tax deduction privilege

 

However, whether using the health insurance of their own parents or health insurance of the spouse's parents One of the parents must stay in Thailand for more than 180 days in that year and have an annual income of not more than 30,000 baht in order to be eligible for the tax deduction with the parents' health insurance.

 

Buying health insurance for children Can I use the tax deduction privilege?

 

Sickness doesn't discriminate between gender and age, even young children. If you are looking for where to buy health insurance. Which health insurance provider claims the fastest? and buy insurance online for your child because he wants him to be protected Consider doing it right. But my condolences. Children's health insurance cannot be tax deductible!