VHI BIK appears too high - what do I do?

I

IRCA

Registered User
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Hi,

My company health insurance benefit recently changed to VHI. My BIK is €133.84 a month, which comes in at €1606.08 for 12 months. But when I look at the actual cost of the policy it is €1406.12. How can I be paying more in BIK than the value of the policy? Would appreciate any advice you can offer?

JP
 
The first €1,000 of healthy insurance is allowable at the standard rate of tax.
 
Which yields a €200 credit. The insurance companies always quote the net (i.e. lower) figure.
 
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