Who says the Affordable Care Act doesn’t create jobs? The new insurance exchanges may create new revenue streams for tax preparers and year-round employment for their tax experts.
Jackson Hewitt would like to have an active role in helping boost enrollment in the insurance exchanges. H&R Block and Intuit won’t say what their plans are for new health insurance services, but it’s clear they see an opportunity.
Jackson Hewitt’s first vice president for health policy says that tax preparers are the ideal partner to help the federal government enroll people in health insurance exchanges.
“Federal policy makers talk about enrolling people at healthcare centers, but if you enroll people as they are seeking services, you get sick people,” Brian Haile said. “At tax preparer sites, you’ll get everyone.”
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“Also people are already coming to our brick and mortar locations, so you’re not asking them to change behavior.”
Haile said the tax filing moment should also be the exchange enrollment moment because:
- The same documents are needed to file taxes and to apply for the health insurance programs.
- The person has Internet access at the tax preparer’s office.
- She is thinking about financial transactions.
- She is about to get the largest paycheck of the year in form of tax refund.
“When you are talking about taking on a new premium, it’s better to talk to someone when she is getting money back,” Haile said.
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I asked TurboTax and HRBlock about the possibility of “help me sign up for insurance” services for 2014. Neither one would confirm any plans, but it’s obvious they both have something in the works. Ashley McMahon, a spokewoman for Intuit TurboTax, gave this statement:
“The Affordable Care Act creates an interesting opportunity and potential stimulus for several of Intuit’s businesses, including TurboTax. Intuit is uniquely positioned to simplify the task of healthcare decisions making for individuals and small businesses.”
This year H&R Block is offering a free healthcare review for customers. The analysis includes eligibility recommendations, approximate monthly cost of insurance, the annual tax penalty for not having insurance, and a handy checklist of documents needed to enroll in an exchange.
H&R Block also has a gorgeous, well-designed “test drive” web site that explains new coverage options for five types of customers ranging from senior citizens to single parents. The examples cover everything from tax implications to potential subsidies with just enough detail to be informative without being overwhelming. State and federal employees designing exchange web sites should take a close look at this approach because it is a good one.