How much would I save by opting out of company health insurance?

united4ever

I know I may need it but have not needed it for 15 years I worked here and was wondering if I could opt out and save some money and if so how much?



Here are is my tax code and I am a 20% tax payer



Tax Code 1096M M1


I paid 353.60 tax last month out of 2682 Gross pay as an example.


Thanks in advance

BoGoF

How much is the medical benefit as shown on your tax code (or P11d)? That figure at 20% is your tax saving for the year.

united4ever

From P11D...£2229.70 'Private Medical treatment or insurance' - Cost to you or amount foregone.....so £445.94 is 20% of that...


So would I be 37 quid a month better off or have I got this wrong?

Hippo

It will show on your P11D what you pay. I suspect it costs you £2-300pa in additional tax.

When I had it I didn't use it for ages. Until I was involved in a car accident. I was seeing a Harley St physiotherapist within 24 hours of seeing my doctor, twice a week for 3 months. Certainly beat a 3 month wait on the NHS.

My DD was faced with a 2 month wait for a consultation until we mentioned private healthcare.... appt the next morning at GOSH.

Food is also much better. Last time my Wife was in hospital she ordered lunch. Simple chicken Mayo sandwich on Brown. She said it was the nicest she'd had. It cost £7.50:eek:

Private healthcare is always thought useless. Until you need it.

BoGoF

united4ever wrote: »

From P11D...£2229.70 'Private Medical treatment or insurance' - Cost to you or amount foregone.....so £445.94 is 20% of that...


So would I be 37 quid a month better off or have I got this wrong?

That's quite a hefty sum. Yeah, that's your saving.

For a sum like that does it provide cover for your family (if you have one).

united4ever

https://imgur.com/xharzNl


this is the right section then?


It's actually £2643 for 2018/2019....so more like £44 a month


I may keep it anyway but would liek to make an informed choice. I didn't realise it was 'costing' me so much tbh.

BoGoF

Yes, the cash equivalent is the deemed benefit to you. Thats the amount you pay tax on.

united4ever

Many Thanks:)