Health Insurance Tax Credit

FoxHouse

Just wanted to make sure I am correct. Where I am working offers a benefits package where you can select health insurance, dental, etc. For the past few years I have selected health insurance and can see noted as a deduction monthly from my overall payment package in each month's payslips.

I am wondering can I claim a tax credit on this? I think I can because I read if employer pays for health insurance which I presume they do at start of year but technically I pay it because they take it out of my benefits package monthly...a little confused...

Any help welcome...

wally1990

Check out this thread

It should help

Your paying benefit in kind
(Tax on the value of the health insurance) but your employer is paying it for you which is financial ly beneficially

https://touch.boards.ie/thread/2057851429/1/#post108006986

FoxHouse

Thanks Wally! I've read through the thread...but I am still confused...I am paying the benefit in kind? Therefore I am not eligable to claim tax credit is that correct 🀨

lawred2

FoxHouse wrote: »

Thanks Wally! I've read through the thread...but I am still confused...I am paying the benefit in kind? Therefore I am not eligable to claim tax credit is that correct 🀨

You are. But it's only 200 quid a year. Ring the revenue and say you're paying BIK on health insurance.

FoxHouse

lawred2 wrote: »

You are. But it's 200 quid a year

Fantastic! Thanks so much for advice! I had put it through on my Form 12 but started to panic when it was paid out that I had actually done something wrong and wasn't actually eligible. I assume someone has to approve these things before they get refunded? I got a refund and want to ensure its all correct before I spend anything...

relax carry on

FoxHouse wrote: »

Fantastic! Thanks so much for advice! I had put it through on my Form 12 but started to panic when it was paid out that I had actually done something wrong and wasn't actually eligible. I assume someone has to approve these things before they get refunded? I got a refund and want to ensure its all correct before I spend anything...

A lot of refunds are automatically approved without any human intervention. So long as your employer was paying for the insurance as a benefit to you, then you can claim the tax relief. If they were just providing a facility for you to pay your own private insurance through your payroll then that's something you can't cliam.

Fol20

If you pay for your partners medical insurance as part of your BIK, you are also not married. Are you able to claim your 200 along with their 200 for medical tax insurance relief?

FoxHouse

relax carry on wrote: »

A lot of refunds are automatically approved without any human intervention. So long as your employer was paying for the insurance as a benefit to you, then you can claim the tax relief. If they were just providing a facility for you to pay your own private insurance through your payroll then that's something you can't cliam.

I think it might be the latter and the TRS was already applied..which makes me think I've incorrectly claimed on something I'm not eligible for through sheer ignorance. If this is the case what happens next? Will my employer be informed? Will it be Revenue that catches?

I plan to call Revenue tomorrow and clarify but I'd rather not have my employer realize how stupid I am...Quite worried about it...:(:(:(

tglynn

Fol20 wrote: »

If you pay for your partners medical insurance as part of your BIK, you are also not married. Are you able to claim your 200 along with their 200 for medical tax insurance relief?

Anyone know the answer to this?

Calahonda52

Fol20 wrote: »

If you pay for your partners medical insurance as part of your BIK, you are also not married. Are you able to claim your 200 along with their 200 for medical tax insurance relief?

One or two policies
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx

Fol20

Calahonda52 wrote: »

One or two policies
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx

When i login to my policy i also have access to view my partners. So i think its under me. Both cost the same amount mind you. So im paying about 130 each per month for it

tglynn

Fol20 wrote: »

When i login to my policy i also have access to view my partners. So i think its under me. Both cost the same amount mind you. So im paying about 130 each per month for it

I'm in the same boat, not sure what to do in relation to the form 12