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IRS outlines data insurance exchanges must report


By Virgil Dickson
Posted: May 12, 2014 - 3:30 pm ET
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The IRS has finalized a rule (PDF) that outlines the information insurance exchanges will be required to report to the agency about individuals who obtained coverage through an exchange-purchased, qualified health plan.

Exchanges will be required to report demographic information ranging from names and addresses to birthdates as well as premium amounts. The regulation appears to only target state exchanges because the agency is only anticipating 15 respondents each year.

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For individuals enrolled in plans for which advance credit payments were requested, exchanges will need to report the amount of paid out. The time frame for sending the IRS this information is both monthly and annually dependant on the information being sent. The rule advances a proposed document released last summer.

Exchanges will need to begin submitting reports June 15. The initial report will include information for the period from Jan. 1 to May 31 of this year.

The rule also informs exchanges that they must send consumers copies of information being sent to exchanges. Some of the comments received on the proposed rule raised issue with this provision, noting that information might be obtained by a noncustodial parent, putting children who are victims of child abuse at risk.

The IRS countered that the exchange will send information only to the person who enrolled a dependent into the exchange. So even if another taxpayer claims the child as a dependent, they won't get the report.

Follow Virgil Dickson on Twitter: @MHvdickson


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