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Is salary protection = permanent health insurance?

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  • 12-08-2020 7:52pm
    #1
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭


    And if so, is there a tax credit for it?

    TIA


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    #2
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    One More Toy wrote: »
    And if so, is there a tax credit for it?

    TIA

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/permanent-health-benefit-contributions/index.aspx


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    #3
    Geuze
    Registered Users Posts: 13,110 ✭✭✭✭Geuze


    One More Toy wrote: »
    And if so, is there a tax credit for it?

    TIA

    Yes.

    There is tax relief at your marginal rate, yes.


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    #4
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭One More Toy


    Geuze wrote: »
    Yes.

    There is tax relief at your marginal rate, yes.

    Thank you


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    #5
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭One More Toy


    Out of curiosity, is life assurance relief available in a similar manner?


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    #6
    Geuze
    Registered Users Posts: 13,110 ✭✭✭✭Geuze


    One More Toy wrote: »
    Out of curiosity, is life assurance relief available in a similar manner?

    No tax relief on normal MPP / life policy.

    BUT

    My employer offers additional optional life cover, on top of what is in the work pension.

    Work pension = 1x-1.5x death in service

    Optional extra = 2.5x salary if you die in service, and as it is under an AVC arrangement, tax relief is available


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    #7
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭One More Toy


    Geuze wrote: »
    No tax relief on normal MPP / life policy.

    BUT

    My employer offers additional optional life cover, on top of what is in the work pension.

    Work pension = 1x-1.5x death in service

    Optional extra = 2.5x salary if you die in service, and as it is under an AVC arrangement, tax relief is available

    The missus signed up to salary protection today, some death benefit applies there too, didn't quiz her about it because its not something you wanna talk about :)


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