Medical insurance policies paid by employers (as a benefit-in-kind)
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.
Use myAccount to claim the credit(s) if your employer pays medical insurance relief for you or your family. You can make a claim during the year or after the year has ended.
Making a claim during the year:
- click the ‘Manage your tax’ link in PAYE Services
- select ‘Claim tax credits’
- select ‘Medical Insurance Relief’ under the category ‘Health’
The relief available depends on whether the policy is for an adult or a child.
Adult policy
Relief available is equal to the lesser of either:
- 20% of the cost of the policy
- 20% of €1,000 (equal to a credit of €200).
Child policy
Relief available is equal to the lesser of either:
- 20% of the cost of the policy
- 20% of €500 (equal to a credit of €100).
For the purposes of this relief, a child is any individual under 21 years of age.
Subject to qualifying conditions and criteria
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie