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Income verification rule back in play

How the October 2013 No Subsidies without Verification Act Changes the Rules for Verification of Individuals Financial Information on the Healthcare Exchanges.

By Alson Martin J.D., LL.M | Updated on October 23, 2013

Healthcare reform provides premium tax credits to make health insurance affordable to individuals with modest incomes between 100% and 400% of the federal poverty level. These credits are available to those who are not eligible for other qualifying coverage, such as Medicare, or “affordable” employer-sponsored health insurance plans that provide “minimum value.” They are refundable tax credits, applicable for tax years ending after Dec. 31, 2013, available to individuals who purchase coverage through “Affordable Insurance Exchanges,” also known as Marketplaces.[1]

In July 2013, the federal Department of Health and Human Services issued a final rule for the exchange’s income verification process, which the Washington Post reported would “significantly scale back” the law’s verification requirement for those receiving federally subsidized coverage.[2] Note however, that the Exchange subsidies are not paid to individuals but, rather, to insurers.

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