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As far as I understand, insurance premiums are tax deductible. Does that include premiums for supplemental health insurance or just those paid for mandatory health insurance?
Hi there,
Yes, premiums paid for both supplementary health insurance and supplementary hospital insurance can be listed in your tax returns. Accident insurance premiums and life insurance premiums also apply towards the insurance premium tax deduction. Insurance premiums and interest earned on savings are added together and collectively apply towards the insurance and interest premium deduction.
The size of the flat insurance premium deduction may vary. The flat deduction for married couples reporting together is higher than the flat deduction for individuals. Contributing to 2a (occupational pension fund) or 3a (tax-privileged private retirement savings) solutions lowers the flat deduction for insurance premiums.
The deduction is equal to either total annual insurance premiums and interest on savings combined or the maximum flat deduction, whichever is lower.
Best regards from Moneyguru
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