TurboTax offers free online tool to help people understand impact of new health care reform
Affordable Care Act Requires Americans Take a More Active Role in Health Care Decisions
Intuit Inc.Ashley McMahon, 858-215-9069orThe OutCast AgencyLaura Schmidt, 415-345-4777
In a series of nationwide focus groups conducted by ®, a majority of consumers who participated lacked awareness of their new health insurance options under the , sometimes referred to as “Obamacare”. In addition, a most of them did not know if they would qualify for financial assistance to help cover the cost of health insurance.
In October 2013, federal and state Health Insurance Marketplaces are scheduled to open and an estimated 30 million uninsured Americans will need to make healthcare decisions that will impact both their personal and financial well being.
now provides a simple, free online , available on the TurboTax Blog, that helps people understand whether they may be eligible to purchase insurance through the new Marketplaces and if they qualify for financial assistance.
“Consumers who take a more active role in their healthcare decisions get the best outcome for both their health and their wallet,” explains Jane Sarasohn-Kahn, Health Economist () and Advisor to the American Tax & Financial Center at TurboTax. “We encourage Americans to be engaged in their healthcare decisions starting now. that Americans spend much more time researching the purchase of an automobile compared with seeking information on picking their personal physician. Isn’t it worth investing a few hours over the next few months to get the best health care for you and your family?”
The need to engage now in healthcare is especially critical for individuals and families who will fund health insurance through a combination of government subsidy (delivered as a tax credit starting in 2015) and monthly out of pocket expenses.
Based on analysis by the , a family of four earning roughly $50,000 would be eligible for an estimated $7,500 subsidy beginning in 2014, which would cover approximately 70 percent of their insurance premium. In this case, the family would be responsible for paying the remaining monthly premium of approximately $282 per month.
“The majority of families need to understand this will likely impact their monthly budget in some way,” added Sarasohn-Kahn. “U.S. consumers need to take on the role of 'health consumers' as they assume more responsibilities for choosing health plans based on the level of services covered by a health plan compared to the costs of the premiums and copayments under the different plans being considered.”
For the estimated , the additional monthly payment for healthcare may seem out of reach. However, families will need to weigh the benefits of preventive care, and the potential costs of emergencies and existing chronic conditions managed by people in their families. In 2010, the average cost of an .
While implementations of the new health care law don’t begin until October, this is a good time to start understanding it and preparing. For more information on the Affordable Care Act and its financial impact, visit the American Tax & Financial Center at TurboTax.
Established in November 2012, The American Tax & Financial Center at TurboTax provides objective and independent data and insights on tax and personal finance trends. The Tax Center is now available to provide taxpayers, policymakers and media with resources and expert commentary on the impact of taxes on U.S. consumers.
The center’s primary goal is to help Americans in understanding financial matters so they can make informed financial decisions. The center educates and advocates for individuals by helping them take ownership of their financial future. For more information, visit The American Tax & Financial Center at TurboTax at .
TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself . Available on desktop, online and mobile, TurboTax helped more than 25 million people last year keep more of their hard-earned money. For more information, visit the , like us on Facebook at , follow us on Twitter at , or visit our blog, Tax Break: The TurboTax Blog, at .
is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including ®, ® and ®, simplify and , , and . ® and ® are Intuit's leading tax preparation offerings for professional accountants. helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to .
Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the , , the , and other locations. More information can be found at .
Intuit, the Intuit logo and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.