Question: What’s to stop anyone from lying about their income to claim a subsidy?
Answer: The system has two safeguards: (1) During the application process, the applicant’s income will be compared to tax filings, social security data, and income reports; (2) the IRS already has mechanisms in place to recollect subsidies that were overpaid.
Will there be any mechanism for a refund of premiums paid if actual income for a year is actually lower than what a person claims during the application process? Meaning, if a person does not receive a subsidy but their income would have actually allowed for one, will the person receive a refund at the end of the year?