Tax relief on Medical Insurance

Adrift

Hi All, hopefully someone can shed some light on this.

In the last budget there was a cap imposed on the amount you could claim back on a medical insurance policy.

"THE amount of tax relief on medical insurance will be capped at €1,000 for an adult and €500 for a child"

I have my wife and daughter on my policy, so under the new terms am I just entitled to 20% on the first 1,000 on the policy? The overall cost of the policy is close to 3,000.

Any info appreciated!

Citizenpain

Do you pay for it yourself or does your employer pay?

IS the 3k your 2013 Premium - is this after TRS?

Adrift

Hi Citizen, My employer pays. 3000 is the 2013 policy and I don't receive TRS.

Citizenpain

in 2013 you would have got a tax credit of 600 (3000 X 20% )
It is now capped as you said - your tax credit will be 500 ((1000+1000+500)X20%)

Adrift

Thanks!

Gman1987

Hi guys, just want to get clarity on above. I thought I read somewhere that the tax relief on medical insurance is paid at source, is this correct? I have a policy with VHI which the monthly payments are stopped from my monthly pay (VHI not provided by my employer, they only facilitate the monthly payments) am I entitled to put the yearly fee in against tax as a medical expense or is the relief already given off the monthly payments

Citizenpain

Ger1987 wrote: »

Hi guys, just want to get clarity on above. I thought I read somewhere that the tax relief on medical insurance is paid at source, is this correct? I have a policy with VHI which the monthly payments are stopped from my monthly pay (VHI not provided by my employer, they only facilitate the monthly payments) am I entitled to put the yearly fee in against tax as a medical expense or is the relief already given off the monthly payments

Should already be reflected in the amount you are paying monthly