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BIK for medical insurance

  • 02-02-2017 1:51pm
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,781 Mod ✭✭✭✭


    I got a BIK statement from my employer about how much was paid for my health insurance. I have myself and my other half on there and it was 2k. I also got previous years where it was just over 1k for me. I believe you can get tax back on this so I'd like some advice? My understandings is that from last year it is automatic but for previous years its not, and I can claim the tax back. Is it correct that you can go back 4 years and claim this money? How is it done exactly, can anyone advise please?


Comments

  • #2
    ibarelycare
    Registered Users, Registered Users 2 Posts: 58,456 ✭✭✭✭ibarelycare


    You can't claim tax back, but you can claim a tax credit, which is 20% of the gross policy (to a maximum of €1,000 gross i.e. €200 tax credit per year). If your employer is paying for your partner/family members, then you can claim the tax credit for them as well. You'll be able to claim back as far as 4 years and then from this year Revenue will probably just increase your annual tax credit by the relevant amount (or else you can choose to claim it back in one go at the start of next year).

    You can claim the credit for previous years through PAYE Anytime and they should refund this straight into your bank account. They may ask for a letter from your employer to confirm you are on their policy, so it might be quickest to ring them first and ask exactly what you have to do.


  • #3
    clintondaly
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭clintondaly


    Hey

    You can request a tax review going back 4 years
    This is usually done through revenue on line services,you can also claim back any medical expenses that you may not have claimed back from your Health Insurer if covered under your plan.
    In order to do it through revenue on line you need to be issued with a PIN number.

    http://www.revenue.ie/en/online/index.html


  • #4
    GrumpyMe
    Registered Users, Registered Users 2 Posts: 1,195 ✭✭✭GrumpyMe


    http://www.revenue.ie/en/tax/it/reliefs/medical-insurance.html

    "To claim relief due, notify your Revenue office of the relevant details or complete an annual return form and send it to your Revenue office."

    So enter your PPS here https://www.ros.ie/wiclo/index?lang=en to find contact details of your Revenue office.
    Then call and supply details or request the annual form.


  • #5
    adrianw
    Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    Zascar wrote: »
    I got a BIK statement from my employer about how much was paid for my health insurance. I have myself and my other half on there and it was 2k. I also got previous years where it was just over 1k for me. I believe you can get tax back on this so I'd like some advice? My understandings is that from last year it is automatic but for previous years its not, and I can claim the tax back. Is it correct that you can go back 4 years and claim this money? How is it done exactly, can anyone advise please?

    You can claim tax back provided you were not already given with a tax credit for it in your payroll.

    If you register for MyAccount with Revenue, request a Form P21 balancing statement Revenue will do the work for you. Refunds only take a few days to process (if you are actually due a refund).


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