BIK on Health cover

Lads,
Just wondering would anyone shed any light on the BIK I'm paying for Health Cover.
Our HR dept is in India, so hard get a right answer!

Myself, wife and 2 kids. One is 3, the other is 6.
My BIK per month is 282 euro. Thats 3384 a year!!!!! I'd nearly get the HC cheaper somewhere else?!

Or maybe not.

Appreciate your thoughts.

Firstly, it's up to you to claim your tax relief on the policy , so that reduces the apparent cost.

Secondly, the BIK is 3,384, so the cost to you is whatever your marginal rate of tax/PRSI/USC is on that amount.

So if we say your marginal rate is 50%, it costs you about 1,700 p.a. to have that policy (minus your tax relief).

Unless you can the same or better cover for less than 1,700 gross elsewhere (i.e. before whatever TRS applies), then you're getting a good deal.