Health care is the fourth largest expense for the average American family, following food, housing, and transportation. At the American Tax and Financial Center at TurboTax, we’re acutely aware of how these costs can add up, and we strive to help our customers receive the biggest tax refund available to them.
After Congress passed the Affordable Care Act, the Center launched TurboTax Health, an interactive online platform that guides users through their health care options, and how each might impact their finances. The video below, part of a suite of informational videos created to compliment this platform, explains how to qualify for and claim the Affordable Care Act Premium Tax Credit, a new refundable tax credit that can lower monthly health insurance premiums.
Video Credit: American Tax and Financial Center, TurboTax
Previously, TurboTax Health has only been available on the TurboTax website and primarily to customers of Intuit TurboTax. During this most recent tax year, we found that our customers were happy with the site and its contents, were more informed after using it, and many chose to enroll in coverage as a result.
Following this success, we are excited to have made a Commitment to Action at CGI America this year to expand the reach of TurboTax Health by partnering with community groups that support uninsured and underinsured Americans. Through these partners, the Center is making available free health care decision-making tools and educational resources. Specifically, TurboTax Health and related materials will be made available for free to third parties to be hosted on their websites for use by their customers and visitors. Intuit employees will provide technical integration support, assistance with outreach efforts, and maintain accurate and up-to-date content for end users. Partners will help their customers find and utilize the resources by hosting them on their websites, distributing offline, and sharing the resources directly with their networks. Through this commitment, we aim to provide resources and education materials to two million individuals.
image Credit: American Tax and Financial Center, TurboTax
In the Financial Opportunity Working Group, we received feedback and encouragement on our commitment from cross-sector leaders, met with potential partners, and learned more about other important commitments being made. As a direct result of the conversations we had at CGI America, we’ve generated new ideas and partnerships, including work with municipalities.
Throughout the meeting, I spoke with other Working Group participants who recognized the financial challenge that health care represents for low- and moderate-income Americans, and the significant work still ahead for organizations striving to build awareness around the Affordable Care Act and changes in Medicaid eligibility rules. Regardless of political leanings, there was consensus that working families should know about the tax credit subsidies that are available to help them afford health insurance.
As a first-time participant, I left CGI America 2014 feeling inspired to continue investing in TurboTax Health, partnering with diverse organizations, and exploring new tools and resources to address these important problems facing our country.
In June of 2014, President Clinton, Secretary Clinton, and Chelsea Clinton hosted the fourth meeting of CGI America, an annual event focused on finding solutions that promote economic recovery in the United States. For more information, visit cgiamerica.org.