What is the medical insurance credit?
You can claim a tax credit in respect of medical insurance you have paid in the tax year.
You get a credit against your tax liability for the lower of:
(a) the amount of the premium (after taking risk equalisation credit into account) multiplied by the standard rate of tax, and
(b) the amount which reduces your income tax liability to nil.
Relief for medical insurance premiums is given at source by the insurer.
Depending on your age, you may also be entitled to an age-related tax credit as follows:
(a) aged 60 – 65 on contract date or renewal date: €600 (previously €625);
(b) aged 65 – 69 on contract date or renewal date: €975 (previously €625);
(c) aged 70 – 75 on contract date or renewal date: €1,400 (previously €1,275);
(d) aged 75 – 79 on contract date or renewal date: €2,025 (previously €1,275);
(e) aged 80 – 85 on contract date or renewal date: €2,400 (previously €1,725);
(f) aged 85 or over on contract date or renewal date: €2,700 (previously €1,725).