Keep in mind, under Obiecare the premiums for the older folks can be three times higher. The revenue shortfall won’t be as bad as it would have been if both groups were paying the same rates. The actualy usage is a little higher than three times, so there’ll still be a shortfall, but the death spiral talk is premature.
The death spiral talk is immature because all the Democrats will throw as much money as possible at the program to keep it alive. And the Republicans will facilitate it. There is no way they will allow it to fail.