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The Colony, TX (October 31, 2016) –Liberty Tax Service in The Colony will open Tuesday, November 1, with licensed health insurance agents available to assist Americans with Obamacare enrollment and health insurance renewals. Liberty Tax Service anticipates an increase in number of Americans shopping for health insurance as tax penalties for the uninsured will increase significantly in 2017.
Though you might be anticipating a change in ACA requirements due to the upcoming November 8th Presidential Election, it is too late for any potential changes to take affect for 2017 due to the process required to make changes to the law.
If you are waiting to learn who the new president is before deciding whether or not to purchase healthcare, know that the 2017 regulations will still apply, and you must enroll in a qualified plan no later than December 15, 2016 in order to receive coverage on January 1, 2017.
Those without health insurance in 2017 will pay a tax penalty of $695 per adult and $347.50 per child under 18 or 2.5% of yearly household income, whichever is greater. This is a big increase from where the plan started in 2014 where the tax penalty for Americans without health insurance started at $95 per adult.
“We encourage taxpayers to visit our office and evaluate the tax credits and insurance plans available,” said Kryssi Contreras, Owner-Operator at Liberty Tax Service. “Many may be surprised to find that they are eligible for assistance in paying their insurance premiums.”
With the November 1 open date and licensed health insurance agents onsite, Liberty Tax Service can assist taxpayers during open enrollment in the Health Insurance Marketplace, which runs from November 1 through January 31, 2017. After open enrollment ends, those seeking health insurance through the Marketplace can enroll only during a Special Enrollment Period.
Liberty Tax Service’s team of ACA advisers is skilled and ready to help Americans understand their choices and enroll in health insurance plans or seek exemptions to coverage.
To find a local Liberty Tax office, call 866-871-1040 or visit www.libertytax.com. Liberty Tax does take appointments, but they are not necessary.
About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 20 million individual income tax returns in more than 4,300 offices and online. Liberty Tax’s online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.