The budget reduced the tax relief at source on private health insurance. The tax relief (of 20% premium) has been restricted to €1,000 gross premium in respect of adults and to €500 gross premium for children and full time dependant students aged 18 - 22. This applies to policies commencing or renewing on or after 16 October 2013. For policies commencing prior to 16 October 2013, full tax relief at 20% continues to apply.
This change means, for example, that an adult with a gross premium of €1,500 per annum has a net premium of €1,300. For policies that commenced prior to 16 October 2013 the net premium was €1,200.
Product comparisons on our website have not yet been amended to take account of this change.