Skip to comments.ObamaCare: Still a Bad Deal for Young Adults
Posted on 04/02/2010 11:50:20 AM PDT by Nachum
The Associated Press reports that young adults will face higher premiums under ObamaCare:
Beginning in 2014, most Americans will be required to buy insurance or pay a tax penalty. Thats when premiums for young adults seeking coverage on the individual market would likely climb by 17 percent on average, or roughly $42 a month, according to an analysis of the plan conducted for The Associated Press. The analysis did not factor in tax credits to help offset the increase.
The higher costs will pinch many people in their 20s and early 30s who are struggling to start or advance their careers with the highest unemployment rate in 26 years.
The article cited additional studies estimating premiums increases young adults as high as 50 percent. That was essentially the message of my recent Cato briefing paper, ObamaCare: A Bad Deal for Young Adults.
Supporters claim the new law provides subsidies that would help people afford the higher premiums. As I write in my paper, however:
The money for those subsidies has to come from somewhere, though. Presumably, some of it would come from young adults themselves in the form of higher taxes or the tax penalties imposed on those who do not purchase insurance
So the presence of subsidies does not necessarily mean that young adults would come out winners. Ironically, all the complexity may actually help the legislation pass Congress precisely because it obscures whom the legislation would tax.
(Excerpt) Read more at video.foxnews.com ...
“The higher costs will pinch many people in their 20s and early 30s who are struggling to start or advance their careers with the highest unemployment rate in 26 years.”
I don’t know why...if I were them, I would not buy insurance...with no pre-existing conditions, i would simply wait until I needed insurance then buy it.
It will screw everybody then, because we will have to make up for their lack of participation in the pool, which will be heavily felt.
PING, this group of folks are friggin crazy for commies, koo koo for UH_Bummer puffs..
Accompanying story can be found at the link below:
That’s what I’m doing. Working well so far.