I've got a serious beef with private health insurance
in Ireland, and the way its marketed and taxed...
My problem lies with the Excess rule of various
policies,
- how you end up paying for health costs yourself,
even though you are supposedly paying for insurance.
if your policy contains an excess rule (and company group
scheme policies usually do) you will have to pay YOURSELF
for your health costs up to the excess level (for most average
health costs)
Not only have the Private Health companies market their
product hiding the BIK tax implications for company schemes,
but they also distort the amount of REAL benefit their
insurance products provide
because of this excess rule.
Now your health is your most important thing in life,
and hopefully your health is not a worry throughout the year,
BUT for the average joe on a company scheme or paying for their
own private health insurance cover in Ireland,
who is fortunate only to have "minimal" health costs a year
eg a couple of GP vists, etc
that average joe is getting an awfully raw deal by the government,
health insurers and taxman.
Joe pays PRSI and income tax, joe's companys pay his health insurance,
joe pays BIK on this company scheme, and joe pays for
all his health costs up to this excess,
( on top of travel insurance and car insurace costs )
Joe is "lucky" not to get really sick,
Joe gets NOTHING back in return for all this which
at the end of the day should be provided free by the state.
I know I may be outside the boundary of this thread, more suitable
to "blowing of steam",
but it highlights the way so many of us get taxed on something
we dont actually end of getting any real end benefit from.
If you dont derive any benefits from your health insurance
you should be "rewarded" with a tax break the following year
( as well as lowered premiums)
JR
in Ireland, and the way its marketed and taxed...
My problem lies with the Excess rule of various
policies,
- how you end up paying for health costs yourself,
even though you are supposedly paying for insurance.
if your policy contains an excess rule (and company group
scheme policies usually do) you will have to pay YOURSELF
for your health costs up to the excess level (for most average
health costs)
Not only have the Private Health companies market their
product hiding the BIK tax implications for company schemes,
but they also distort the amount of REAL benefit their
insurance products provide
because of this excess rule.
Now your health is your most important thing in life,
and hopefully your health is not a worry throughout the year,
BUT for the average joe on a company scheme or paying for their
own private health insurance cover in Ireland,
who is fortunate only to have "minimal" health costs a year
eg a couple of GP vists, etc
that average joe is getting an awfully raw deal by the government,
health insurers and taxman.
Joe pays PRSI and income tax, joe's companys pay his health insurance,
joe pays BIK on this company scheme, and joe pays for
all his health costs up to this excess,
( on top of travel insurance and car insurace costs )
Joe is "lucky" not to get really sick,
Joe gets NOTHING back in return for all this which
at the end of the day should be provided free by the state.
I know I may be outside the boundary of this thread, more suitable
to "blowing of steam",
but it highlights the way so many of us get taxed on something
we dont actually end of getting any real end benefit from.
If you dont derive any benefits from your health insurance
you should be "rewarded" with a tax break the following year
( as well as lowered premiums)
JR