Health insurers fear young people will opt out – Yahoo! News.
Dan Lopez is the definition of a “young invincible”….
Dan Lopez rarely gets sick and hasn’t been to a doctor in 10 years, so buying health insurance feels like a waste of money.
Even after the federal health overhaul takes full effect next year, the 24-year-old said he will probably decide to pay the $100 penalty for those who skirt the law’s requirement that all Americans purchase coverage.
“I don’t feel I should pay for something I don’t use,” said the Milwaukee resident, who makes about $48,000 a year working two part-time jobs.
I’d like to know where he get’s his crystal ball! Of course, he’s far from alone and with the increased premiums for the young invincibles, especially when they don’t qualify for a subsidy or it is very small, one can’t blame theme for seriously considering “opting out”.
Of course, “opting out” presents a serious problem for Obamacare…
Experts warn a lot of these so-called “young invincibles” could opt to pay the fine instead of spending hundreds or thousands of dollars each year on insurance premiums. If enough young adults avoid the new insurance marketplace, it could throw off the entire equilibrium of the Affordable Care Act. Insurers are betting on the business of that group to offset the higher costs they will incur for older, sicker beneficiaries.
The nonpartisan Congressional Budget Office estimates that about six million people of various ages will pay the tax penalty for not having insurance in 2014, the first year the law championed by President Barack Obama will be fully implemented.
I find the next paragraph troubling but typical of those who believe that coverage pre – Obamacare was “poor” and post-Obamacare is fantastic…
About 3 million 18-24 year-olds in the U.S. currently purchase their own insurance. Many pay high prices for scant benefits, with high deductibles and co-pays because they make too much to qualify for Medicaid and have no coverage options from their employers or parents. The Urban Institute estimates that the majority of adults in their 20s will qualify for government subsidies under the Affordable Care Act.
Continue reading Young invincibles opt out of Obamacare?