Did you ever wonder how your Obamacare premiums will be paid if you have a subsidy?
I didn’t think so.
Well here is something to chew on.
Once a consumer signs up for coverage, someone has to feed the enrollment data into a carrier data store and an exchange data store. The state must determine whether the consumer will get tax subsidy benefits and other types of help.
The carrier must tell everyone whether the consumer actually sends in the first payment for the QHP coverage or fails to send in the first payment and fails to actually get coverage.
CMS is supposed to get reports every month, calculate the premium tax credit payments, record the tax credit payments and send exchange program payment approvals.
The Internal Revenue Service (IRS) is in charge of processing the electronic fund transfers, sending tax credit payments to the carriers, and sending payment confirmations to CMS.
At the end of the journey of the QHP premium dollar, the dollar goes to the carrier, and payment information notices go to the carrier and the exchange.
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