Only 27 percent of Millennials understand Obamacare
Last week, the House of Representatives passed a bill that would keep the government from shutting down through December. The bill also included a measure to eliminate all funding for Obamacare.
There have been 42 votes to repeal Obamacare in the House, even though the bill was passed by a majority Congress in both houses of Congress, was signed into law by the President, and was upheld by the Supreme Court.
The new health care exchanges begin on October 1st, however polling by the Commonwealth Fund found that 73% of millennials are still in the dark about Obamacare and what it means for them. Here are some important facts:
About 19 million young adults (age 18 to 34) lack health insurance. Polling from Young Invincibles shows that less than 5 percent of millennials actually choose not to have it—the number one reason being–the cost.
15 million young adults were able to stay on their parents health insurance plan this year due to the Affordable Care Act.
Of the 8.2 million 19 to 25 years olds without health insurance, over 90% will be eligible for free or reduced-cost coverage once the new health insurance exchanges open.
Why We Should Care
Although young people tend to be healthier than older Americans, everyone needs medical services at some point and having health insurance protects you from the unexpected. Without insurance, it costs $7,500 to fix a broken arm and the average hospital stay is $10,000 per day.
Starting in 2014, individuals who chose to opt-out of healthcare will be charged a fine of $95 per adult or 1 percent of household income, whichever is greater. The fine will rise to $695 or 2.5 percent in 2016.
Our Time Opinion
Friends don’t let friends get fined. Make sure you get covered starting on October 1st.