The Obama administration has announced Coverage and Income Verification will be Delayed.
Further an “honor system” will be implemented for Coverage and Income Verification.
States operating marketplaces (i.e. exchanges) will not be required to confirm a consumer’s statement that he/she does not have employer-sponsored coverage, nor will states have to verify reported income, which determines an individual’s eligibility for a premium subsidy.
Income verification has been postponed until 2015.
Consumers who misrepresent their income on an application for exchange coverage are subject to a penalty of up to $25,000.00
Source: Word & Brown