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 [broken link removed] If they do, you will:
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.
- be taxed on the gross value of the policy or policies
- need to claim medical insurance tax relief from Revenue as it was not given at source.
Seems to me that the BIK should be €3,182.30 ÷ 26 = €122.40?
Is your employer paying the full premium?
Note that where an employer pays for medical insurance as a benefit in kind the employee can claim tax relief via myAccount (it's not granted automatically).
Medical insurance premiums
This page details tax relief on medical insurance premiumswww.revenue.ie
I would expect the renewal letter (online or hardcopy) to clarify if the employer is paying all or just some of the premium. Or just ask your employer.I'm not sure if my employer paying the full premium. Would I be able to see that in the insurance membership certificate or in my payslip? Where would I be able to get that information?
At the bottom of the membership certificate I found this message:I would expect the renewal letter (online or hardcopy) to clarify if the employer is paying all or just some of the premium. Or just ask your employer.
Well spotted @asdfg!
Edit: from searching around it looks like, for payroll purposes, some years have 26 fortnights and some have 27. So a 27 fortnightly payroll year in this case would explain the BIK figure.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?