Will young people enroll in health insurance as mandated by Obamacare? In order for Obamacare to work, healthy young people must get coverage and pay health insurance premiums (many getting premium help).
Uninsured people between the age of 40 and 64 are more likely to see the value in health insurance – and they are likely to use their health insurance more than young people. So everybody needs to be part of the system for the new health insurance marketplace to work.
How will young people benefit from Obamacare?
Actually, 3.4 million young adults between the ages of 19 and 25 have already gained health insurance under Obamacare because they can be kept on their parents’ employer health insurance up to age 26.
I have a friend whose son has worked in the film industry doing free lance work as a sound technician. He is now a member of SAG (Screen Actors’ Guild) and has insurance. But two years ago he was 25 and still on his parents’ health insurance when he got sick. Without that coverage, he would have racked up tens of thousands of dollars in medical bills. His mother says Obamacare saved a big chunk of her family’s life savings.
College students who don’t have parents with employer health insurance will benefit from Obamacare because most will qualify for Medicaid, or premium help, based on their income.
Many college grads, and those who did not go to college, start out in low or modestly-paid jobs without health insurance. A number of new college graduates want to start their own business. Many of these young people will get help paying their health insurance premiums.
Young people up to age 30 will have the option to enroll in high-deductible plans with low premiums. These “catastrophic coverage” plans have $8,000 or $10,000 deductibles, but they protect people from huge medical bills. “Young invincibles” don’t think they will get sick, so they don’t think they need health insurance. These high-deductible, low-cost plans will be available to people under 30.
Here’s a chart from EnrollAmerica.org that shows how young people will benefit from Obamacare.
For more information on this chart, go to the document at EnrollAmerica.org.
To see a chart of what income levels and family size will qualify for premium help, see my blog post: Obamacare and the Federal Poverty Level