Tax Relief on Medical Premium

myshirt

I renew my policy in March each year, and my employer pays it.

Just wondering what the story is with tax relief, do I pro-rata the cost of the premium for the purposes of calculating the relief or how do people deal with it? Ultimately the relief is going to be no different no matter what way I pitch it (200 euro) but the point is I want to make sure my numbers are right on my form 12 when i am describing the cost of Policy.

Possibly the cover period has nothing to do with it, and the important part is when it's paid, but would be interested to hear what people think. For example if I paid for a policy in October and didn't renew the following year, could I claim relief for two periods given the policy straddles two tax years?

Calahonda52

what do you mean by pro-rata?
You paid say 2,200, and the employer refunded you so you get c 1,100 back after tax so the F12 is 2,200

allthedoyles

I think you are right to go pro-rata especially if your policy only started in Oct 2017 .
If you not renewing in Sept 2018 you can't expect to claim full coverage for 2017 and 2018 .

Calahonda52

myshirt wrote: »

I renew my policy in March each year, and my employer pays it.

Just wondering what the story is with tax relief, do I pro-rata the cost of the premium for the purposes of calculating the relief or how do people deal with it? Ultimately the relief is going to be no different no matter what way I pitch it (200 euro) but the point is I want to make sure my numbers are right on my form 12 when i am describing the cost of Policy.

Possibly the cover period has nothing to do with it, and the important part is when it's paid, but would be interested to hear what people think. For example if I paid for a policy in October and didn't renew the following year, could I claim relief for two periods given the policy straddles two tax years?

The 200 euro relief is per policy, not per year, regardless of how it is paid.
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx

nsa0bupkd3948x

I am slightly confused about the Medical Insurance Relief. I have private medical insurance paid for by my employer with Irish Life Health. My premium including the levy is €1651.24. There is €200 tax relief meaning the premium is €1451.24 per year or €118 per month. I pay bik/tax on the €118 per month. Can I get any further relief tax back?

893bet

Confused also!

My company pays my premium, around 200 per month.

This appears as "income" on my pay slip which I then pay tax on.

Can I claim using form 12?