Currently if premium is paid towards medical insurance of your Sr citizen parents, an income deduction upto INR 30,000 was eligible. This has been increased to INR 50,000 from Financial Year 2018-19
Medical Treatment for specified diseases:
Currently if you incur any medical expenditure for treatment of specified diseases suffered by your parents, you can claim a deduction upto INR 60,000 or upto 80,000 based on age of your parent. Now, the proposed change in budget will enable individual to avail a deduction of upto INR 100,000 for a Sr Citizen parent from Financial year 2018-19.