02.10.14 Turning Your Refund into Health Care What do you typically buy with your tax refund? What if you could purchase health insurance for your entire family with your refund this year? Under the Affordable Care Act (ACA), many health insurance plans are now affordable and you may even qualify for tax credits to help you pay for it. With your tax refund on the way, you could use that money to help pay for coverage.The IRS began processing tax returns on January 31, 2014, which began the distribution of more than $320 billion in federal tax refunds (with state refunds putting billions more in consumer pockets). That’s a big deal for most American families since about four out of every five Americans receive a tax refund, and that average refund is about $3,000.There are different levels of health insurance coverage to choose from, which will affect how much you pay. Some taxpayers may qualify for free coverage under Medicaid and/or CHIP, or for tax credits to help them pay. It’s important to remember that if you don’t have health insurance by March 31, 2014, you could face a tax penalty of almost 1% of your salary.Jackson Hewitt has already started helping customers figure out the ACA. With just a few extra minutes after the tax interview, our “ACA Accelerator” can tell customers what ACA programs they likely qualify for and fill out the paperwork for them!So if you’re one of the millions of uninsured Americans, and you’ve yet to file your 2013 taxes, stop by your nearest Jackson Hewitt office and find out how we can help you.