Clients Not Following Up with Income Info

[Post Quartermaster]

This aspect is an absolute disgrace, period. The tax return will provide a definitive accounting of whether the subsidy is valid as well as any clawback due the IRS, cancelling subsidies in mid-year because a piece of paper that essentially means nothing is just another example of how bad this legislation is.

I disagree. Unfortunately, income verification, as annoying and time consuming as it can be, is a necessary evil, IMHO. Think about the incentives to lie about income for people below 100% of FPL in non-expansion states.

Beyond that, think about the implications of letting people essentially borrow money to finance premiums for 0% interest. As there is no interest penalty for clawbacks, in addition to the clawback limits based on FPL levels, a lack of income verification could be very costly to taxpayers.......

 

[Yagents]

No worry, china will cover our liberal spending

 

[FLM2]

I disagree. Unfortunately, income verification, as annoying and time consuming as it can be, is a necessary evil, IMHO. Think about the incentives to lie about income for people below 100% of FPL in non-expansion states.

Beyond that, think about the implications of letting people essentially borrow money to finance premiums for 0% interest. As there is no interest penalty for clawbacks, in addition to the clawback limits based on FPL levels, a lack of income verification could be very costly to taxpayers.......

It is a ridiculous system and puts every consumer in the position of committing fraud. On top of that the system randomly requests the verification-about 60% of my clients didn't have to provide anything.

Just make the subsidy based on the last income tax return filed with an opportunity to appeal if there has been a significant income change that lowers the subsidy, then it is fair, no one has to put up with this crap, and there is no clawback.

 

[AllenChicago]

Why did an IRS bug cause HC.gov to go down for several hours near the end of this past open enrollment? People are estimating future income, so what does the IRS have to do with eligibility determination?

 

[KennyWest]

Why did an IRS bug cause HC.gov to go down for several hours near the end of this past open enrollment? People are estimating future income, so what does the IRS have to do with eligibility determination?

They do use past income to look and see if the stated income during the enrollment is out of kilter from what they have on record for them and thus triggers asking additional questions. Randomly...

 

[Yagents]

I'm finally done chasing down income verification for apps written in first 30 day whirlwind. 90 in all, representing about 70% of my ON exch biz (not off) during that period.

I would wait until 3 days before it was due, and ask them if they sent it. Almost everyone one of them forgot, or procrastinated. Most had no idea what type of document to send in, and would have done it wrong.

Write the business........save the business......write the biz........save the biz........welcome to the new health insurance cycle.

 

[MaryDallas]

I send out a monthly newsletter to every ON and OFF marketplace client. In every newsletter I state to pay attention to sending in income verification. The one for yesterday the subject was: 'Can you lose your monthly Tax Credit by not sending in income verification? A. Yes. And you will have to pay back that Tax Credit. What is the answer? Pay full price and do not accept the monthly Tax Credit...or send in the requested documents. The tradeoff is paperwork. Is it annoying? Yes.' And I tell general stories.

If a few people ask the same question I send out a newsletter with an answer. This holds down confusion, phone calls, service work.

I use Constant Contact. People love it ... and I get more referrals. Also, I write up 'ads' for other products in story form: i.e., 'Those of you on the Bronze Plan: there are ways to fill in out-of-pocket gaps.' This is where I would mention accident plans, and Cancer/Heart/Stroke policies.

And I always finish it with life insurance.

Keeps people off of me a bit.

 

[ARus]

I send out a monthly newsletter to every ON and OFF marketplace client. In every newsletter I state to pay attention to sending in income verification. The one for yesterday the subject was: 'Can you lose your monthly Tax Credit by not sending in income verification? A. Yes. And you will have to pay back that Tax Credit. What is the answer? Pay full price and do not accept the monthly Tax Credit...or send in the requested documents. The tradeoff is paperwork. Is it annoying? Yes.' And I tell general stories.

If a few people ask the same question I send out a newsletter with an answer. This holds down confusion, phone calls, service work.

I use Constant Contact. People love it ... and I get more referrals. Also, I write up 'ads' for other products in story form: i.e., 'Those of you on the Bronze Plan: there are ways to fill in out-of-pocket gaps.' This is where I would mention accident plans, and Cancer/Heart/Stroke policies.

And I always finish it with life insurance.

Keeps people off of me a bit.

Exactly! I do the same, mean the mailing and e mailing. For more offerings: who you are using for supplemental insurance?

 

[MaryDallas]

I like Assurant's supplemental products as well as their short-term medical: easy to understand, quick issue, weekly pay. You will learn very quickly which ones you like and/or don't like.

I'm not writing as much supplemental as I used to because many of these ACA policies are -0- deductible; $500/ $750 / $1400 maximum OOP.

I'm also 'grooming' my clients to know that ultimately most people will end up with a Bronze plan (especially OFF Exchange) due to age increases and rate increases.