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Tax Relief for Health Insurance

  • 14-04-2019 5:50pm
    #1
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭


    My employer pays my Health Insurance and I pay BIK on it. I applied for the €200 Medical insurance relief tax credit.

    However, I notice that on my health insurance renewal there is €200 deduction for TRS. Should I be getting both?


Comments

  • #2
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    No.


  • #3
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭nsa0bupkd3948x


    Your employer may choose to pay medical insurance to an approved insurer for you or your family as a benefit-in-kind. If they do, you will:

    be taxed on the gross value of the policy or policies
    need to claim medical insurance claim tax relief from Revenue as it was not given at source.

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


    Has something changed?


  • #4
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Ephraim Nutritious Magnet wrote: »
    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx


    Has something changed?

    Nothing has changed, but you won't get both. You will get the 200 though, provided your policy cost was a grand or above.


  • #5
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭nsa0bupkd3948x


    myshirt wrote: »
    Nothing has changed, but you won't get both. You will get the 200 though, provided your policy cost was a grand or above.

    But should it be at source before policy calcultion or via a tax credit through Revenue?


  • #6
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    I have seen it given as a tax credit or not - often within the same company.


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  • #7
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭nsa0bupkd3948x


    mystic86 wrote: »
    Is it a copy of an invoice that you got from your employer, an invoice that your employer paid? And you just have that copy for your records?

    If so, that could be the 200 deduction your employer got from the insurance provider, who in turn then got it reimbursed to them from Revenue, and then Revenue claw it back from the employer when they file the CT1, that is my understanding of it anyway. You then, as the employee receiving the benefit, can claim for the 200, but you'll probably not get any net benefit as you will pay tax on the gross cost of the insurance policy as it is treated as BIK. Still, you are getting an insurance policy out of it, so obviously a lot better than paying for your own insurance policy in the first place.

    It's on my renewal docs. However, dividing the premium before the €200 TRS deduction by 12 is what appears on my payslip and is what I'm charged tax on. So I don't think I'm getting it at source. Revenue have confirmed I should be getting the credit so looks like it's sorted.


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