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Healthcare Insurance for Small Business Owners in Sweden
Introduction to Healthcare Insurance
Tax Deduction for Healthcare Insurance
Example of Tax Deduction Calculation
Taxable benefits for healthcare insurance
In addition to the possibility of deductions, it’s important to be aware of the taxation of benefits. The beneficiary of health care insurance is taxed for 60% of the insurance premium. For an annual premium of SEK 6,000, the benefit value would then be SEK 3,600, or SEK 300 per month. This also results in a cost for employment taxes of SEK 94 per month in most cases, as well as income tax for you or your employees of approximately the same amount depending on the municipality and the total income for the year. If you live in a municipality with 30% municipal tax and you have an income below the threshold for state tax, you pay SEK 90 in tax, and if you live in a municipality with 34% municipal tax and your income is higher than the threshold , you pay SEK 162 in tax.
Healthcare Insurance and Health Insurance, What's the Difference?
FAQ regarding healthcare insurance
The first step to implementing healthcare insurance is to contact an insurance company that offers healthcare insurance. This is offered by most common insurance companies, most common banks (they often run their own insurance companies), and companies that specialize in healthcare insurance.
Once you have signed up for healthcare insurance, the insurance company will then invoice your company for the insurance premium. In practice it works like any other invoice, and is usually bookkept on the account for deductible sickness & healthcare.
In addition to bookkeeping the insurance cost, the taxable benefit of healthcare insurance needs to be declared in the employer’s declaration. If you use a payroll program, you can preferably set up the healthcare benefit as a recurring payroll item that stays the same every month, so you don’t have to remember to do it every time. So, if we reuse the previous example with an insurance premium of SEK 6,000 per year, the recurring benefit to set up is 60% x SEK 6,000 / 12 months = SEK 300 per month.
Summary of Healthcare Insurance in Sweden
Paying for private healthcare insurance can be a complement to the healthcare provided by publicly funded healthcare. It can shorten waiting times for you and your potential employees. The entire insurance premium is deductible for the company, and the insurance beneficiary receives a taxable benefit of 60 percent of the insurance premium. This benefit is declared on the employer’s declaration.
