The government announced it will move to an "honor system" in 2014 for coverage and income verification. States operating marketplaces (i.e., exchanges) will not be required to confirm a consumer's statement that he or she does not have employer-sponsored coverage, nor will states have to verify reported income, which determines a person's eligibility for a premium subsidy. Income verification has been postponed until 2015. However, consumers who misrepresent their income on the application for exchange coverage are subject to a penalty of up to $25,000.
Tuesday, July 9, 2013
Breaking News - Coverage and Income Verification Delayed
The U.S. Department of Health & Human Services, the Treasury Department, and
the Obama Administration have announced another important changes to the
implementation of the Affordable Care Act (ACA).
The government announced it will move to an "honor system" in 2014 for coverage and income verification. States operating marketplaces (i.e., exchanges) will not be required to confirm a consumer's statement that he or she does not have employer-sponsored coverage, nor will states have to verify reported income, which determines a person's eligibility for a premium subsidy. Income verification has been postponed until 2015. However, consumers who misrepresent their income on the application for exchange coverage are subject to a penalty of up to $25,000.
The government announced it will move to an "honor system" in 2014 for coverage and income verification. States operating marketplaces (i.e., exchanges) will not be required to confirm a consumer's statement that he or she does not have employer-sponsored coverage, nor will states have to verify reported income, which determines a person's eligibility for a premium subsidy. Income verification has been postponed until 2015. However, consumers who misrepresent their income on the application for exchange coverage are subject to a penalty of up to $25,000.
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