Obamacare Is A Raw Deal For MillennialsSubmitted by Michael Nystrom on Tue, 10/08/2013 - 22:09
By Bob Graboyes, US News
October 7, 2013
It's clear that millennials will be hammered by Obamacare, but most of the analyses wending their way through the media understate the negative impact the law will have on the cost and quality of health insurance for these 20- and 30-somethings. The problem is that Obamacare, also known as the Affordable Care Act, takes money from a variety of pockets, and many or most of the flurry of analyses focus on insurance premiums in isolation.
Millennials' life prospects have already suffered under the weight of the Great Recession and its aftermath. Their job markets are shaky and their student loans large. Now, large health insurance premiums and other costs hidden in the ACA will further dim those prospects.
Choosing a state at random, the Manhattan Institute reports that before the ACA, the average 27-year-old male in Arkansas could buy a health insurance policy for roughly $54 a month. According to the White House website, on the ACA exchange, the average lowest-priced plan will be three times more expensive, costing him around $181 a month – a 235 percent increase. If he were to purchase a stripped-down catastrophic plan, it would cost roughly $135 per month, two-and-a-half times more than his current insurance.
Continue reading at US News