Equifax Workforce Solutions, a division of Equifax Inc., has been chosen by the Obama Administration to verify the incomes of those who apply for insurance subsidies, when the mandatory insurance rule under the Affordable Care Act (ACA) goes into effect.
Millions of low- and moderate-income individuals who do not qualify for Medicaid and who are not offered insurance through their employers, or whose employer-based health plans do not meet the coverage requirements of the ACA, will qualify for subsidies to help pay for coverage.
Congressional Republicans have expressed concern about the Obama Administration’s ability to verify subsidy eligibility, prompting the adoption of Equifax’s services by the Administration. Equifax must provide income information real-time, usually within a second of receiving a request for information, according to an article in the New York Times.
Equifax is an enormous credit reporting agency used by mortgage lenders, property management companies, social services organizations and many others. The Administration is working with Equifax to reduce the risk of fraud, and to ensure that consumers get the health care and tax credits due them.
Consumers wishing to purchase insurance through the health insurance exchange that will be available in October of this year will simply enter their employment and income information into the system, which will verify the information and advise the consumer about eligibility for Medicaid and tax credits/subsidies.
Benefit Packages will be an exchange-certified agency that can help you understand your insurance options under the new healthcare law. We have been helping individuals, families and businesses find affordable and comprehensive coverage, for over 20 years. Visit our website for more information, or call us toll free at 1-800-356-3615.