TurboTax Health Offers Simple Tips and Tools for Consumers Navigating Health Insurance Open Enrollment
Open enrollment for the Affordable Care Act (ACA) opens Saturday, Nov. 15, marking the second opportunity for uninsured Americans to purchase health insurance under the new health care law. TurboTax(R), the nation’s leading online tax preparation service from Intuit Inc. (Nasdaq:INTU), is offering simple tips and tools at www.TurboTaxHealth.com. The online guide helps anyone make the best health care choices for themselves and their families.
Below are some helpful tips from TurboTax ahead of the second open enrollment:
- Get started now. Those who miss this open enrollment period must wait until next year to buy coverage for 2016. Anyone without qualifying health coverage during 2015 must either pay a tax penalty or apply for an exemption to avoid paying the fee. The tax penalty in 2015 is steeper than it was in 2014 – going up from $95 per adult or 1% of household income to $325 per adult or 2% of household income, whichever is higher.
- Subsidies for affordable care. Approximately 85 percent of Marketplace enrollees receive a premium tax credit to offset the costs of health insurance premiums. The amount of this financial assistance is determined based on estimated income, household size and the cost of a silver plan. Those who are planning to shop for a plan during this open enrollment can use the TurboTax(R) Health Care Eligibility Calculator, an easy-to-use online service, to find out if they qualify for a subsidy to help them purchase health insurance.
- Report changes to avoid tax time surprises. Those who enrolled in coverage through the Marketplace are required to report any changes to household income or family size. Reporting these changes will reduce the chance of taking too much advanced premium tax credits and having to repay the excess on their tax returns
- Check exemption eligibility. The ACA is designed to ensure everyone has health insurance and imposes tax penalties on those who don’t. Many uninsured Americans could qualify for an exemption. TurboTax(R) Exemption Check is a free online tool that can help people without insurance determine, in just a few minutes, if they may be eligible to waive the health care tax penalty.
- Check deadlines. Open enrollment begins on November 15, 2014 and runs through February 15, 2015. For 2014 Marketplace enrollees, coverage will be automatically renewed for 2015, if no action is taken by December 15, 2014. However, enrollees have until February 15, 2015 to change their plan in the Marketplace.
For more information, visit TurboTaxHealth.com, a free online resource for Americans to find out if they qualify for a subsidy through a Marketplace, determine what their estimated penalty might be if they are uninsured, or whether they qualify for an exemption from the health care tax penalty.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks(R), Quicken(R) and TurboTax(R), which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce(R) offers marketing and communication tools for small businesses. ProSeries(R) and Lacerte(R) are Intuit’s leading tax preparation offerings for professional accountants.
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