How much does my health insurance cost me?

[cian8]

I am confused as to what my health insurance actually costs me!

My employer pays half the premium, which I am taxed on (as I understand it). Then there is the tax relief at source, group discount, government levy. So all a bit of a muddle. I pay tax at the higher rate.

Total Premium €2,548.60
less Risk Equalization Premium Credit €0.00
less Group Discount €254.86
plus Government Levy €933.00
less Tax Relief at Source €497.31

equals Policy Cost €2,729.40

So I pay through my wages €1,364.70
My employer pays €1,364.70

I then pay tax on this €700 (roughly?)

Two options
(A) If I was to cancel I would save €2,064.70 (1364 + 700)

(B) Change to a plan costing €1,506 which my employer would not contribute too, I would save €558


Am I missing anything? Would really appreciate if someone would point out any mistakes in my figures!

Cian8

 

[huskerdu]

Where do these figures come from ? It should simpler than that to work this out.
It is not clear to me if you know that you pay 1364 or you are surmising that.
Do you have a document from the provider with the annual cost. They generally provide this as a single figure, including group discount, gove levy etc, so the breakdown is irrelevant.

What does your payslip say for what you pay every month for HI and BIK ?

 

[cian8]

Thanks huskerdu.

The single figure on the policy document is €2,729.40.

My payslip (per month) says Health Insurance BIK = €113.73; Health Insurance = €113.73.

I guess I am just trying to make sure my understanding of how my employer paying half my premium affects the tax I pay and therefore the cost of the insurance to my take home pay!

Hope that makes sense.