Medical insurance premiums
If you pay medical insurance directly to an approved insurer for you or your dependents, the tax relief will be given to you by them. The tax relief is calculated by the insurer and the cost of your policy is reduced by this amount.
The relief you can claim depends on when the policies were renewed or taken out. You can claim 20% of the cost of the policy up to 15 October 2013.
From 16 October 2013, the relief is limited to the cost of the policy up to a maximum of €1,000 per adult and €500 per child. A child is under 18 years of age, or under 23 years of age if in full-time education.
From 1 May 2015, all individuals over 21 years of age are allowed to claim the cost of the policy up to a maximum of €1,000. If you renewed your policy by 15 October 2014 you can claim both the old and the new relief.
If a policy costing €2,500 (€1,800 for one adult and €700 for one child) is renewed on 1 July 2013
The relief is calculated as follows:
1 January to 30 June (six months)
€2,500 x 20%, divided by 2 = €250
1 July to 31 December (six months)
(€1,000 + €500) x 20%, divided by 2 = €150
The tax credit available for 2013 would therefore be €250 plus €150, for a total of €400.
Policies paid by employers
Your employer might pay medical insurance to an approved insurer for you or your dependents. If so, you are allowed tax relief for the premiums paid. If you are jointly or separately assessed, you can also claim for payments for your spouse.
Use myAccount to claim the credit on your Form 12 if your employer pays medical insurance for you or any of your dependents. You must provide the following information:
- the date the policy started
- who is covered on the policy and their age
- a breakdown of the cost of the policy for each person
- the amount being paid by your employer.
If your employer only pays a portion of your policy the relief is restricted to that amount. You will receive the remainder of the relief, if any, directly through Tax Relief at Source (TRS).
Approved medical insurers
- Aviva Health Insurance Ireland Ltd.
- Elips Insurances Limited
- VHI Healthcare DAC
- Great Lakes Reinsurance (UK)
- HSF Health Plan Ltd.
Approved medical insurers with restricted membership
- ESB Staff Medical Provident Fund
- The Goulding Voluntary Medical Scheme
- Irish Life Assurance Medical Aid Society
- Irish Life Assurance plc Outdoor Staff Benevolent Fund
- Prison Officer’s Medical Aid Society
- St Paul's Garda Medical Aid Society.
To be a member you must be or have been employed by the organisations concerned.