Important Date for Premium Tax Credit Recipients to Maintain Eligibility
PARSIPPANY, NJ–(Marketwired – Oct 12, 2015) – On October 15, 13 million taxpayers who requested an extension for filing their tax return face a deadline — or incur a failure-to-file penalty, typically 5 percent of the unpaid balance per month. Additionally, those who have received advance payments for health care premiums need to reconcile by October 15 or risk delays in 2016 subsidies.
Jackson Hewitt Tax Service® reminds hardworking Americans they don’t have to navigate the complex tax codes and health care laws alone. “We’re here to help hardworking Americans make smart decisions related to health care and their taxes,” said Jackson Hewitt CEO David Prokupek.
Late filers are reminded that while they received an extension to file, it does not constitute an extension to pay. Any tax balance owed was due on April 15, or is subject to failure-to-pay penalties and interest charges. Jackson Hewitt offers a number of simplified payment options through its Flex-Pay® program, including direct payment, credit card payment or arrangement of an installment plan with the IRS.
Medicare Open Enrollment Begins October 15
Open Enrollment for Medicare, a health insurance program for people age 65 or older and disabled individuals, begins on October 15. Current Medicare beneficiaries will have the option to change their health insurance plans with no penalty through December 7.
New this year, DirectHealth is working with Jackson Hewitt to staff licensed insurance agents in Walmart stores. These agents will help customers navigate the more than 70,000 Health Exchange plans available to them, as well as help customers over the age of 65 enroll for Medicare.
For the third year, Jackson Hewitt is also partnering with GetInsured, a leading innovator in consumer health insurance marketplace technology, to help customers easily compare and shop for a health insurance plan that fits their needs and budget. Through a proprietary Accelerator program, Jackson Hewitt can offer help with Medicaid/CHIP applications at any of their locations.
“Through our partnerships with DirectHealth and GetInsured, two Marketplace brokers, Jackson Hewitt clients have the opportunity to enroll in a health insurance plan,” said Jackson Hewitt CEO David Prokupek. “Our goal is to help our clients hold on to every hard earned dollar and avoid the tax penalty for not having insurance, which will increase in 2016 to $695 per adult and $347.50 per child, or 2.5 percent of income, whichever is greater.”
For those who received a Premium Tax Credit to help reduce, or even eliminate, the cost of monthly health insurance premiums, Form 8962 must be filed by October 15 to reconcile and ensure that they maintain eligibility for premium assistance in 2016. Failure to file by October 15 could result in the delay of 2016 subsidies leading to higher premiums until the 2015 return is filed and processed.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is the fastest growing full-service tax preparation company with approximately 6,300 franchised and company-owned locations including nearly 3,000 locations in Walmart stores. Jackson Hewitt provides online and mobile tax filing solutions for the “do-it-yourself” marketplace at www.jacksonhewittonline.com. At Jackson Hewitt, we stand behind our professional tax preparers with our Maximum Refund and 100% Accuracy Guarantees. For more information, product offer details, or to locate your neighborhood Jackson Hewitt office, visit www.jacksonhewitt.com or call 1 (800) 234-1040.
About DirectHealth
DirectHealth is an online, phone and in-store (Walmart) health insurance comparison service and licensed health insurance agency. The DirectHealth website is operated by TZ Insurance Solutions LLC, which is also the agency licensed to sell health insurance in all 50 states on behalf of DirectHealth. For more information, please visit www. www.DirectHealth.com.
About GetInsured
GetInsured is a cloud-based health insurance exchange platform that combines modern technology and customer service capabilities to make health insurance shopping easy and efficient. Since its founding in 2005, GetInsured has helped millions of consumers find the right health plan for their needs and budgets. GetInsured is approved by the federal government to enroll Americans in subsidized health insurance plans, and also provides state governments and employers with SaaS-based technology solutions for public and private health insurance exchanges. For more information, please visit www.GetInsured.com.