Health Insurance age related tax credits increased for 2012
- Posted by irishhealthinsurance
- On January 12, 2012
- 0
Community Rating Health Insurance Levy and Age Related Tax Credits
The Irish State supports the private health insurance market through tax relief at source of 20% of health insurance premiums.
It also supports the community rated market by providing age related tax credits in respect of those over the age of 60 that help to meet their higher claims costs.
| Tax Credits | 2011 | Tax Credits | 2012 |
|---|---|---|---|
| Age Range 2011 | Age Range 2012 | ||
| 60-69 | €625 | 60-64 | €600 |
| 65-69 | €975 | ||
| 70-79 | €1,275 | 70-74 | €1,400 |
| 75-79 | €2,025 | ||
| 80+ | €1,725 | 80-84 | €2,400 |
| 85+ | €2,700 |
Older people pay the same premium net of these tax credits for their health insurance as younger adults pay. These credits are funded by a levy paid by health insurers.
| Levy | 2011 | 2012 |
|---|---|---|
| Adult | €205 | €285 |
| Child | €66 | €95 |
This measure is designed to be Exchequer neutral.
The tax credits and the levy, like the tax relief at source of 20% premium, are administered by the health insurance companies. The price of health insurance quoted by the health insurance companies allows for these measures.
These terms apply to the in-patient plans of Aviva Health, Quinn Healthcare and Vhi Healthcare
Patrick Brennan
Director of Corporate Business
Irish Health Insurance
Please CONTACT US if you wish to discuss how this impacts your premiums, or if you need help to understand the best deals on the market in Health Insurance.