The Internal Revenue Service is generally providing accurate income and family size information to health insurance exchanges to determine the eligibility of individuals for health insurance and the Advance Premium Tax Credit, according to a new government report.
The report, from the Treasury Inspector General for Tax Administration, noted that beginning Jan. 1, 2014, most individuals must obtain health insurance that meets minimum requirements. Health insurance exchanges are intended to provide a place for Americans to shop for health insurance. Qualified individuals can request the Premium Tax Credit to assist with paying for health insurance. The credit may be paid directly to an individual’s health insurance provider as a partial payment for their monthly premiums. This is known as the Advance Premium Tax Credit.
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