Health insurer VHI has announced a price increase from 1st February which will see premiums rise by 15% - 45%. With this in mind it is in everybody's interest, now more than ever, to claim any tax relief which may be available to them in respect of their private medical insurance.
Tax relief for private medical insurance paid by individuals is granted at source. The effect of this tax relief at source is that individuals pay a reduced premium (80% of the gross amount) to the medical insurer (Aviva, Quinn, VHI etc.) and so no further claim needs to be made.
However, where an employer pays the medical insurance premium on behalf of an employee they will not receive the tax relief at source. In these circumstances, where the cost is incurred by the employer and is not reimbursed by the employee, the employee can claim the tax relief from the Revenue Commissioners. Taxback.com can help with this your medical expense refunds, contact us today or apply now for tax refund.