Public exchange managers will have more than one way to verify income next year.
Officials at the Center for Consumer Information & Insurance Oversight, the agency running the Patient Protection and Affordable Care Act exchanges, talk about exchange applicant income verification in a new answer to frequently asked questions.
Some PPACA critics suggested the mandate delay would mean the exchanges would have to use the honor system when determining whether consumers could qualify for the new insurance tax credits. The Internal Revenue Service can pay the tax credits in advance, to help consumers buy coverage.
Obama administration officials have been telling Congress the exchanges will have ways to check consumers’ income information in 2014.
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CCIIO — pronounced “See-sigh-Oh” — now has come up with a formal description of how exchanges will verify applicants’ income.