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[January 23, 2014]
InsureXSolutions Private Exchange Helping Tax Preparers, Offering Valuable Resources About New Health Insurance Laws [Legal Monitor Worldwide]
(Legal Monitor Worldwide Via Acquire Media NewsEdge) The InsureXSolutions® private insurance exchange today announced it is lending a helping hand this tax season to independent Certified Public Accountants (CPAs) and tax preparers in need of information about the Affordable Care Act (ACA).
According to the new law, Americans who don't purchase health insurance by March 31, 2014 will be subject to a hefty government tax penalty. The health law calls for practically every individual in the U.S. to have some type of health insurance by the deadline, or pay the price. InsureXSolutions offers free health law resources at www.shopgetcovered.com, where CPAs can guide their clients during the busy tax season. The site provides a wide range of support tools and expert advice to help both individuals and small- to-medium-sized businesses find personalized health insurance options. "By offering this support, we hope to provide knowledge and valuable resources to CPAs regarding our country's new healthcare laws," said John DiVito, President of Flexible Benefit Service Corporation (Flex), who operates and offers InsureXSolutions. "The last thing tax preparers want to do is try to act as health law experts. Let us be that resource and let them focus on what they do best – taxes. The ultimate goal is to make the purchase of health insurance a relatively seamless part of filing your tax return." For many individuals, especially those eligible for premium assistance, the tax-filing season is "an ideal time to shop and enroll," especially with the March 31 deadline looming, and tax preparers are a great resource to connect people to plan options, DiVito said. Tax preparers who have clients in need of support can find answers to important questions related to the new healthcare laws. In addition, they will also be able to: Compare health plans from the nation's leading carriers, side-by-side. Estimate out-of-pocket costs with personalized decision support tools. Receive recommendations from professionals for plan options based on individual needs.
According to the new law, a family that fails to get insurance will have to pay $95 per adult and $47.50 per child or 1 percent of their annual income—whichever is greater. This will climb to $695 per adult and $347.50 per child or 2.5 percent of family income in 2016.
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