Health Insurance New job-Health Insurance included. Switching?

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lillynua

Registered User
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Hi all,
I have been offered a new job that includes VHI as part of the benefits package. I am currently with Irish life paying privately.
I am just wondering if there is anything I need to be aware of once I cancel this. Penalties? Waiting times, etc
Has anyone been down this road? I have searched and can't seem to find a clear answer.
Many thanks,
 
Hi lillynua,

Welcome to AAM.
What Irish Life plan are you on at the moment and do you know the VHI plan you will switch to in the new job?
If you are switching to a similar enough plan there will be no waiting or penalties involved.

As your new employer will cover the cost of your health insurance, this perk is classed as a Benefit-in-Kind and you will be liable to pay tax.
This is not my area of knowledge. Maybe other posters can explain this in more detail. It would be covered under the heading 'Tax' on this forum.

Regards, Snowyb
 
You will not be required to go through waiting periods again unless you have them in your current policy.
For e.g. if you have the policy for 2 years but there was a 5 year waiting period for pre-existing conditions, you would still need to wait an additional 3 years to claim on your new policy for any pre-existing condition.

I suppose another thing to be aware of is that you would need to check if the new policy would have the same level of cover as your existing policy.

As snowyb says, you will be liable to tax on the BIK, but you should be able to reclaim the tax relief of 200 (assuming the policy is 1k or more) at the end of the year.
 
Thank you both for your responses. I do not know yet the full details of my new cover but you've certainly given me some good advice of things to be aware of.
 
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