Tax Relief Changes
TRS stands for Tax Relief at Source.
Since 2014, those who had private medical insurance had 20% tax deducted from their full Gross Premium by their private medical insurers on behalf of the Revenue Commissioner.
From 1st January 2024, Revenue has communicated a slight change in this rate which impacts new and renewed laya healthcare policies from that date.
The TRS will reduce from 20% to 19%, effective on all renewals and new policies effective from 1st January 2024
The reduction in the TRS means that net premiums for customers will marginally increase, however this is as a direct result of the TRS rate change by Revenue and not as a result of any premium rate increase by laya healthcare.