Quick question

[redbhoy]

Im thinking of having a medical done in 'The Well' in Stillorgan. Fairly pricey at €450. I read about it somewhere and it was highly recommended.
It says that the cost of the medical can be offset against your personal tax allowance at end of year. Can anyone tell me what this means? At the end of the year I receive 20% of the amount maybe?

Thanks

 

[DarraghDuane]

Tax relief for medical expenses is granted at your marginal rate of tax. Your marginal rate is the highest rate of tax that you pay, so if your income is over 29,400 your marginal rate is 42% and tax relief for medical expenses is available at 42%. If your income is below 29,400 you will only get relief at 20%. You will claim the relief by submitting a Form Med 1 after the end of the tax year, i.e. post 31 December 2005.

 

[RainyDay]

I think BUPA cover half the cost of these health checks.

 

[redbhoy]

Thanks. Unfortunately Im not a member of Bupa. D'oh!