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Prescriptions in Spain - Worried about Spanish prescription charges?
Make sure you keep your prescription charges low
The new co-payment system
The cost of prescriptions in Spain is increasing. The new system is being implemented in two stages:
From 1st July anyone given a prescription in Spain should notice that it will include the percentage of the cost that they have to pay. This income information will be taken from the annual Spanish resident tax declaration (IRPF). Anyone with an income greater than 18,000€ a year will have to pay half the cost of the medication. Those below this amount will pay up to 40%.
Pensioners with an income of less than 18,000€ who have made a tax declaration will pay 10% for a Spanish prescription with a maximum payment of 8 euros a month. Pensioners with an income greater than 18.000€ will pay a maximum of 18€ a month.
If you have not made an annual resident tax declaration there will be no indication on the prescription of how much you must pay towards your Spanish prescription. Instead, blanket charges will be made of 40% for non-pensioners with low incomes and 10% for pensioners. However, it is important to note that no income information means no cap on your monthly contribution. A good reason for making sure that your resident tax declaration is in place.
Longer term, the intention is that this rate of pay information will be incorporated into your SIP card. A chip inside it will link to your resident tax declaration. This information will be much more specific and it will be increasingly difficult to obtain a discount if you haven't presented a tax return in Spain, even if it is a zero one.
If you've missed the 30th June deadline
What should you do if you haven't already made a resident tax return and you've missed the 30th June deadline? All is not lost if you'd like to remedy this and make sure you keep your prescription charges low. If you make your tax return now you will incur a small fine but it is minimal to what it will be if you decide to make one later in the year.
For the first three months after the official deadline there will only be a 5% fine. After that it doubles to 10% between 3 and 6 months and 15% between 6 and 12 months. After that it rises to 20% along with daily interest.
Three good reasons to present your resident tax declarations
- If you want to reduce the amount you pay for your prescriptions you need to have official proof of your income
- The best way of proving your income is through making your annual resident tax declaration
- You may not have to pay any tax but it will at least demonstrate in an official form what you earn annually
Three good reasons to request a Free consultation
Our experienced tax advisers with cross-border experience will provide you with:
- A personal study of your tax situation in Spain to make sure you keep your prescription charges low
- A free calculation of how much Income Tax you might expect to pay
- Keep you informed and advise you on prescription updates in your own language
Let us help you to remove the stress of worrying about the new co-payment system: