Am I entitled to any tax benefit with health insurance?

If you take out your health insurance as a private individual, in principle, you won’t be able to deduct this expense in your tax return, unless your autonomous region of residence has implemented some sort of regional allowance or deduction in this regard. On the other hand, if you are a business owner or self-employed professional and subject to personal income tax under the direct estimate tax model, you will be entitled to a deduction of up to €500 per person per calendar year.

Although, in principle, you are not entitled to any tax benefit with health insurance or any deduction or rebate in your Personal Income Tax (IRPF), it is advisable to enquire about this aspect in the region where you are a resident for tax purposes. On the other hand, if you are a business owner or self-employed professional subject to personal income tax under the direct estimate tax regime, and you decide to take out our Self-Employed Health Insurance, Health Insurance for SMEs or Health Insurance for large companies, you will be eligible for the following tax benefits:

• Deduction of up to a maximum of 500 euros per person per calendar year, taking into account for these purposes your own cover, as well as the cover for your spouse and any children under the age of 25 who are not emancipated (living in the same household).

• Likewise, if as the policyholder you wish to include any employee in your policy, your insurance premium will be considered as a deductible expense in your personal income tax or corporate tax return.

OTHER ADVANTAGES OF TAX-DEDUCTIBLE HEALTH INSURANCE

As a business owner, taking out health insurance can offer you a lot more than just a financial advantage when filing your tax return.

• You will be able to provide your employees with one of the most highly valued incentives in the world of work: health insurance as a social benefit. Not only will you be showing that you care about their wellbeing, but you will also be motivating them to work harder and better.

• On top of that, you will also boost effectiveness when it comes to solving health problems in your workforce. No waiting lists, with access to any diagnostic test needed as well as the best specialists.

• Not only that, but people will end up wanting to work for you. Not all companies offer health insurance for their employees, so this will set you apart from the rest.

• Last but not least, offering this benefit to your employees will improve your company’s image. Nowadays, customers place increasingly more importance on corporate values when engaging in services or taking out products.

As you can see, in addition to the tax benefits, taking out health insurance as a business owner for you and your employees can bring a range of other benefits. Speak to one of our agents to find out how you can take advantage of all of them.