Companies Offer Five Tips to Help Freelancers Choose a Health Plan,
Avoid Tax Penalties and Maximize Benefits
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq:INTU) and Stride
Health are partnering to help freelancers get the most out of their
health insurance as the Tuesday, Dec. 15, deadline for Open Enrollment
approaches. The two companies have integrated Stride Health’s
personalized approach to managing health insurance, healthcare and
compliance within Intuit’s QuickBooks Self-Employed product, which helps
freelancers manage business and personal finances, and helps get them
ready for taxes throughout the year.
Research from Intuit shows that 28 percent of freelance workers do not
have a health plan – more than double the 12 percent of Americans who
don’t have insurance. By not having health insurance, these workers will
face 2016 IRS fines that start at 5 and grow from there.
“Many self-employed workers aren’t aware of the steep penalties they’ll
face if they miss the December 15th open enrollment deadline,
or of all the options and resources available to them when it comes to
health insurance,” says Alex Chriss, vice president of Intuit’s Small
Business Group. “We’re on a mission to provide stability to the
self-employed so that they can enjoy the freedom and flexibility of
being their own boss, without having to worry about their finances or
challenging compliance requirements like health insurance.”
“Finding the right health plan is an important financial decision, and
one that can be confusing to many freelancers and self-employed
individuals,” says Noah Lang, CEO of Stride Health. “By simplifying the
process, and tying this important health decision directly back to an
individual’s finances, we can significantly move the needle on the
number of independent workers that are protecting both themselves and
Five Open Enrollment Health Insurance Tips for Freelancers
To help self-employed workers make the most of the Open Enrollment
Period, Intuit and Stride Health are offering the following five tips:
Re-Evaluate Your Specific Needs – Unlike employees of big
companies, you don’t have to accept a cookie-cutter, one size fits all
approach. Use this to your advantage. Whether you are signing up for
the first time, or switching plans, use the Open Enrollment period as
an opportunity to evaluate your specific healthcare needs and find a
plan to match.
Save Money – In this case paying sooner actually saves you
money! That’s because by signing up by December 15, your coverage
will start January 1, 2016. This maximizes both your ability to pay
for medical expenses using your health plan throughout the entire
year, and the potential tax deductions you can have through paying
premiums. Some health insurance premiums are deductible, and
QuickBooks Self-Employed will help you to figure out which ones.
Avoid Penalties – By missing the Open Enrollment deadline, not
only do you miss out on the benefits of being covered, you also open
yourself up to tax penalties – IRS fines for not having coverage are
5 or 2.5 percent of your income, whichever is greater.
Plan for Tax Time – Speaking of the IRS, tax time isn’t far
off. Make sure you are taking full advantage of healthcare-related tax
deductions and tax credits provided by the government. For example,
consider opening a health savings account (HSA), a tax-advantaged bank
account reserved for health-related expenses. The “net savings” to you
is usually between 25 to 40 percent, depending on your tax bracket.
Monitor your coverage all year around – Make sure you
get the best return on your health insurance investment. Take
advantage of year-round support from Stride Health to ensure you are
maximizing the benefits of your health plan. For example, get help
understanding what free benefits your plan offers (and which make the
most sense for you to use), and be notified when your favorite doctor
leaves your health plan’s network.
Self-employed workers have grown to 36 percent of the U.S. labor force,
and are expected to reach 43 percent by 2020. On-demand workers alone
are projected to grow from a current base of 3.2 million to 7.6 million
by 2020. It’s important that this quickly growing population understands
both the health and financial implications of the health insurance
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and
TurboTax®, which make it
easier to manage small businesses
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while ProSeries®
and Lacerte® are Intuit’s
leading tax preparation offerings for professional accountants. The
Insurance programs described herein will be provided by Stride Health,
Inc. an authorized insurance broker (License # 17110854) and Intuit
Insurance Services, Inc. (License #0H27264), a licensed insurance agency
and an affiliate of Intuit Inc. in conjunction with Stride Health.
Founded in 1983, Intuit had revenue of .2 billion in its fiscal year
2015. The company has approximately 7,700 employees with major offices
in the United States, Canada,
the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
About Stride Health
Stride Health, Inc. an authorized insurance broker (License # 17110854)
delivers health coverage, care and compliance as a complete suite of
“Benefits for Independents” to individuals. Stride’s platform provides
on-demand economy marketplaces, consumer finance platforms, and large
organizations with a seamlessly integrated solution to protect
Now available in all 50 states and Washington DC, Stride’s coverage
suite is bolstered by a dedicated advisory team and software that
provides access to in-network medical practitioners, negotiated drug
prices at 70,000 local pharmacies, and care delivery in your plan.
Stride’s product is available on any device – mobile, tablet or desktop.
Based in the San Francisco, Stride Health (www.stridehealth.com)
launched in early 2014 and is venture-backed by the leading health and
consumer technology firms Venrock, New Enterprise Associates, and
Source: Intuit Inc.