Trying to give the new public health insurance exchange system complete, accurate information about household income is difficult and potentially dangerous, witnesses told lawmakers today. Douglas Holtz-Eakin, president of the American Action Forum, presented a colorful, full-page income verification flowchart with seven major sections and three paths that lead to a step labeled “honor system.”

Holtz-Eakin, also a former director of the Congressional Budget Office, said the closer consumers get to going through the exchange system income verification process, the more complicated it looks. If consumers give the wrong information, “the penalty for unintentional negligence could as much as $25,000,” Holtz-Eakin said. “Intentional misrepresentation could result in a fine of $250,000 or incarceration.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.