Health Insurance/BIK Calculations/Nett pay

andrew1977

Hi all

Really struggling to get this clear in my head and my payroll /HR department not much help either.

- 42 years old, never had health insurance before so the risk equalization levy applies
- Company will contribute €1800 gross subsidy towards the VHI plan I want.
- VHI package I want comes to €1476.40
- Company will not allow any of the balance from the subsidy to be put towards the levy payments.

Is there an online calculator to tell me how much my net liability to my fortnightly salary will be ? My payroll department have given me various answers ranging from 21 euro to 42 euro nett deduction per fortnight.
I don't want to put my gross salary on here, but if it helps I will .

Any help appreciated.

shannon82

Vhi would have provided your company with the gross amount of your policy (not sure if it would include the levy or not) so I don't know why your payroll can't provide this?

andrew1977

Thanks for the reply, yes I would have thought the same too, however they seem to be unsure/unclear on the calculations .

homer911

Don't forget to claim your €200 credits on your Form 12

andrew1977

homer911 wrote: »

Don't forget to claim your €200 credits on your Form 12

Can you explain that to me please ? That is 200 euro nett credit in can get from PAYE online.

Looks like this VHI package will cost me 43 euro nett per fortnight from my wages, so I will get 200 credits nett back at end of year ?
1189 nett cost to me or the year , based on the package of €1476.80 with a gross allowance of €1800 from my employer

Is the BIK really that much ? Thanks again.

homer911

The price paid by the employer on your behalf is not net of TRS

Check the Revenue website here: https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx