Benefits Buzz

Tag Cloud

Archives

Enter Your Email

Fines for Individuals Who Provide False Information on Their Health Insurance Application

Posted on May 22nd, 2014

On May 16, 2014, a new fine was spelled out by the Department of Health and Human Services (HHS) regarding individuals that knowingly and wilfully provide false information to receive subsidies in an Exchange.
 
These individuals may face civil fines of up to $250,000. This fine may also apply to those people that provide false information to escape the Individual Mandate requirements. In addition, if incorrect information is provided but there was no malicious intent, there could still be up to a $25,000 fine. However, this fine can be waived if there is a reasonable explanation that the incorrect information was provided and the individual acted in good faith. 
 
 
Join our mailing list or click here to stay updated on the latest healthcare reform and employee benefit news with Flex.
 

The materials contained within this communication are provided for informational purposes only and do not constitute legal or tax advice.