Insurance for your parents

Secure Your Parents’ Health and Maximize Tax Savings with Health Insurance

Did you know you can enhance your parents’ well-being while reducing your tax burden? Purchasing health insurance for your parents not only provides them with crucial medical coverage but also allows you to claim a tax deduction of up to 15,000 baht per parent annually.

How Health Insurance Tax Deductions Work

You’re likely aware that life insurance and health insurance premiums for yourself can be deducted from your taxable income. However, many overlook the opportunity to extend these benefits to their parents.

  • Your Insurance:
    • Life insurance premiums: Up to 100,000 baht/year (or combined with health insurance, up to 100,000 baht/year)
    • Health insurance premiums: Up to 25,000 baht/year (or combined with life insurance, up to 100,000 baht/year)
    • Pension life insurance premiums: Up to 200,000 baht/year (not exceeding 15% of assessable income)
  • Your Parents’ Insurance:
    • Health insurance premiums: Up to 15,000 baht/parent/year (based on actual premiums paid)

Eligibility for Parental Health Insurance Tax Deductions

To claim tax deductions for your parents’ health insurance premiums, the following conditions must be met:

  • Income Limit: Your parents’ annual income must not exceed 30,000 baht.
  • Relationship: You must be the legal child (not adopted) of your parents or the legal spouse of their child.

Eligible Health Insurance Types

The tax deduction applies to various types of health insurance policies for parents, including:

  • Health insurance with medical expense coverage and disability/loss of organ compensation
  • Accident insurance with medical expense, disability, loss of organ, and bone fracture coverage
  • Critical illness insurance
  • Long-term care insurance

Recommended Health Insurance Plans for Parents

If you’re looking to provide comprehensive coverage for your parents and benefit from the tax deduction, consider these options:

  1. AIA Med Care Package:
  • Covers inpatient and outpatient treatment up to 500,000 baht annually
  • Additional coverage for dialysis, radiotherapy, and chemotherapy
  • Affordable premiums starting at 24 baht per day
  1. Aun Jai Wai The (Term CI) Critical Illness Insurance:
  • Lump-sum payout upon diagnosis of 5 critical illnesses
  • Coverage for ICU stays and death
  • Fixed premiums that don’t increase with age
  1. Cancer Insurance Before It’s Too Late (SI Cancer):
  • Covers all stages of cancer
  • Offers up to 1 million baht for advanced cancer diagnosis
  • Provides death benefit and cashback bonus for no claims

Take Action Now

Don’t miss out on this opportunity to protect your parents’ health and maximize your tax savings. Contact us today to explore the best health insurance options for your parents and ensure their well-being is secure.

Disclaimer: This information is for general knowledge and reference purposes only. Please consult with a tax professional for personalized advice and carefully review the terms and conditions of any insurance policy before purchase.


Insurance for your parents
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