Med 1 Form

The Med 1 Form (which is on a calendar year) basis requires you to reveal and deduct any money you have received back from your Private Health Insurer in respect of the medical expenses for which you are now claiming.

I received a relatively small amout back from my private health insurer (VHI). However, my VHI subscription year is not on a calendar-year basis. It is rather from June to May.

I'm trying to figure out the correct approach to disclosing on my Med1 Form the amount received from VHI...i presume the pro-rata approach is the correct one.

I will illustrate what what i propose to do.

Let's say, for my VHI subscription year of 1 June 2005 to 31 May 2006, I received €120 back from the VHI. I would propose to disclose that in my Med1 Forms for 2005 and 2006 (pro rata) as follows:

Med 1 2005:
Amount received back from private health insurer: €70

Med 1 2006
Amount received back from private health insurer: €50

Can anyone confirm this is the correct approach?

Thanks

What I do is declare on the Med 1 what I received from my health insurer in that calendar year, even though some of it relates to expenditure in the previous year (my Quinn-HC year is July-June).

So using your sample amounts, if I receive €120 from Q-HC for the year July 2005 - June 2006, I declare €120 on my Med 1 return for the year 2006.

I recall checking with someone in revenue when I first declared healthcare refund and was told it was okay to do this.

Is your VHI refund not itemised? If so, it's a simple enough procedure to allocate any refunds againsta the expenses for which you are claiming on the MED1 or tax return.

Be aware that some of your VHI refund may be for expenses that you cannot claim on your MED1 (routine dental expenses for example), in which case you would want to disregard that portion of the refund.