Private Medical Insurance - Implications?
I'm due to start a new job soon and they offer private medical insurance. I've been given a form with the following comment:
"Please indicate on the form below whether you would like to opt in or out of Private Medical Insurance.
Your role in [company name] entitles you to receive single cover private healthcare. This is a taxable benefit and whilst it isn’t deducted from your salary, it will show on your payslip."
I have no idea what a taxable benefit is, so I hopped onto the gov.uk site which says the following in relation to medical insurance:
"You usually pay tax on the cost of the insurance premiums if your employer pays for your medical insurance."
I'm a bit confused. The gov.uk snippet makes it sound like my tax will increase to cover the insurance premium, but the form makes it sound like a freebie?! Can anyone shed any light on how this works? I have no other information from the company about the policy schedule/coverage/premium.
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