I have just started at a new employer who provides private medical insurance to all staff. This isn’t anything to do with my salary and the employer pays for it, or I simply don’t get it.
I don’t particularly want private insurance, but if it’s being given away I may aswell take it. However my belief is that it will cost me more in tax, than simply if I was to buy it privately.
The “cost” to my employer for the family plan is approx 2.5k per year. If I am to buy it myself for the “premium” option for me and my partner Its £960 per year.
I am in the “60%” bracket basically meaning any wage I receive is also reducing my personal allowance on top of the 40%.
Simply put, will I have to pay 40% and lose my personal allowance on that 2.5k figure if I take the company health insurance? Is there any sensible way to make this more tax efficient?
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