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Tax credits medical insurance

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  • 16-01-2021 4:35pm
    #1
    delta_bravo
    Registered Users Posts: 4,567 ✭✭✭


    Hi,

    Have health insurance paid for by work which appears on my payslips for bik. Reviewing my tax and health policy docs in conjunction I noticed I'm getting the medical insurance tax credit worth €200 however my health premiums mention tax relief at source TRS. Does this mean I should not be claiming the tax credit as I'm getting relief already?


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    #2
    sternn
    Registered Users Posts: 929 ✭✭✭sternn


    delta_bravo wrote: »
    Hi,

    Have health insurance paid for by work which appears on my payslips for bik. Reviewing my tax and health policy docs in conjunction I noticed I'm getting the medical insurance tax credit worth €200 however my health premiums mention tax relief at source TRS. Does this mean I should not be claiming the tax credit as I'm getting relief already?

    If your employer is partially or fully paying for your health insurance, check how much BIK they have paid you for the health insurance all year. If the amount matches the gross policy amount (the premium before tax relief) then you are entitled to claim from my understanding.

    I.e. if your gross premium is €1,000; tax relief is €200; net premium is therefore €800. If your employer gives you €1,000 in BIK, then i believe you can claim the tax relief.

    Happy to be corrected though..


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    #3
    delta_bravo
    Registered Users Posts: 4,567 ✭✭✭delta_bravo


    sternn wrote: »
    If your employer is partially or fully paying for your health insurance, check how much BIK they have paid you for the health insurance all year. If the amount matches the gross policy amount (the premium before tax relief) then you are entitled to claim from my understanding.

    I.e. if your gross premium is €1,000; tax relief is €200; net premium is therefore €800. If your employer gives you €1,000 in BIK, then i believe you can claim the tax relief.

    Happy to be corrected though..


    Thanks

    Checked there, my bik amount was the net premium not the gross premium. Also the health policy has an entry for tax relief on the cost breakdown. So I think I can't claim again as it's already taken into account. This tax stuff is a tricky business!


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    #4
    royster999
    Registered Users Posts: 199 ✭✭royster999


    My medical insurance policy covers my family of four.

    Can I claim medical insurance relief per person; or is it just per overall policy ?



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    #5
    downtheroad
    Registered Users Posts: 2,813 ✭✭✭downtheroad


    https://www.boards.ie/discussion/comment/120925473#Comment_120925473

    Per person. €200 per adult, €100 per child (provided the gross values of the policy are greater than €1000 per adult and €500 per child).



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