New Job offer with No Health Insurance

LFC Murphy

Hi Folks,

Received a job offer with a company that don't offer health insurance and we are trying to work out how much I need to earn to make the move worth while

My current company pays for the entire family, 2 adults, teen and two toddlers. (approx €3400)

Just trying to work it out in my head if I was to pay for the health care myself. Is TRS per adult and per child? i.e. €1000 x 2, plus 2 x €500

"For policies renewed or entered into on or after 16 October 2013 the tax relief per person covered
by a policy will be limited to either:
 Per adult, the lesser of the premium paid in respect of that individual, or €1,000 and
 Per child*, the lesser of the premium paid in respect of that child, or €500.
*A child for the purposes of this tax relief means an individual under the age of 18 years or, if over
18 years and under the age of 23 years, is receiving full-time education and in respect of whom a
child premium is paid"

Thanks for any help

BazzaDP

TRS is per person and it's 20% of the price of your policy.

As of last October it's capped so you only get 20% relief on the first €1000 for adults (so you get the maximum relief of €200 if your policy costs €1000 or more), and first €500 for adults and students (so the maximum relief they can get is €100).

So sorry to break it to you if you thought you were getting €1000 per adult - it's only a max of €200.

You haven't said if you're €3400 is before or after TRS has been deducted. Let's assume before and let's say your current policy costs €1000 per adult and €500 per child to make a total of €3500 (which is more than the €3400 you said but makes the calculations easier for me so go with me here), then it would actually only cost you €2800 to buy that insurance and the government pays the remaining €700 for you (assuming you keep the same plans at the same price).

If the €3400 is after TRS has already been deducted then that's what it would cost you.

So basically you'd want an extra €2800 - €3400 in your new job after income tax and the like, to make up for the lose of your health insurance benefit (ignoring any Benefit in Kind cost you're currently paying for your health insurance).

BTW just to let you know TRS is normally applied automatically by your health insurer and you don't need to do anything to get it as they handle it all for you. In fact, because of this, most health insurance prices are quoted after TRS has already been deducted (net price) so make sure you're not assuming it's the gross price and are counting on a 20% dedication that's already included.

homer911

OP, you are in a very rare position indeed for an employer to pay health insurance not just for you, but for your entire family. If you want to move on at all you will have to get used to the idea of paying for it yourself

Larbre34

I think you would do better than that premium in the open market and still retain similar cover, there is some very active competition out there for younger and healthier subscribers. A very quick review puts your family in the €2-2,500 bracket. Obviously you would have to specify that to suit your requirements, but you may not need to earn as much extra as you think to be no worse off benefits wise.

LFC Murphy

Thanks folks,

Decided to turn down the job, while the salary was very attractive it has made me appreciate the package I'm currently on (pension, health, bonus etc)

Thanks