The October 1 deadline for US Health Care Reform is fast approaching as president Obama continues to work on multiple strategies aiming to enroll 7 million US citizens to the news scheme by January 1 2014. The new scheme legislates that US citizens must have health insurance by 2014 or else face heavy fines.
At present, 17 States will offer insurance through their own exchanges, while the rest will offer health insurance through the federally managed programme dubbed ‘Obamacare’. Deputy White House advisor David Simas spoke to PBS recently about the challenges that remain in the Obama Administration’s implementation of the new Healthcare regime. “In order for the marketplace to be successful, a smaller subset needs to be at the centre of our focus for outreach, and that’s about 2-2.5 million, young and healthy, 18-35 year olds,” Simas said, confirming public opinion that the biggest challenge facing the Obama Administration is convincing young people who are healthy and active, to buy health insurance.
As the debate of whether or not Obamacare is good or bad for young Americans rages on, we look at the considerations of young people in the run up to the Oct 1 Healthcare exchange opening.
Cost
The number one reason that almost 20 million young adults in the US lack basic Healthcare coverage is the cost of Healthcare. Many between the ages of 18-35 are still in education be it school, part-time schooling or community college or else they are recent graduates, looking to secure full-time employment. For many of these people, particularly in the current climate, it is difficult to find that full-time job with benefits. With low disposable income, it is very difficult for young people to commit to health insurance, particularly when they have a clean bill of health and no urgent need for medical treatment.
While Obamacare provides that large companies must offer healthcare coverage for their employees, many young people who are recent graduates or are still in education, find themselves out of this loop.
Risk
While many young people may refrain from buying health insurance due to their state of health, there is no guarantee that someone between the ages of 18-35 will have a clean bill of health throughout those years. Those who are uninsured run the risk of paying huge fees if they end up having to seek medical care, something that happens quite regularly across the States. According to Aaron Smith, Executive Director of Young People advocacy agency ‘Young Invincibles,’ more young people than elderly are admitted to A&E during an average year and are therefore fully aware of the risk they run without health insurance.
While health insurance costs are generally avoided by young people who may not have the disposable income to avail of coverage, Obamacare will offer those young Americans who earn less than $44,000 dollars per year a tax credit that will help them to fund healthcare coverage. In addition, many young people may have been refused medicaid in the past unless they had children. 2014 will see Medacaid offered to people with incomes lower than $15,000, encompassing roughly 8 million US citizens. This will ensure that young Americans who fall into that low earners bracket can still avail of the care available to wealthier citizens.
Future
While study, travel and securing full-time work are the things that most occupy the minds of 18-35 year olds, it is important for young Americans to think ahead with regards the Healthcare reform act. 2014 marks the beginning of this new era in US Healthcare, and young people must make sure to consider their future, economically, domestically and in terms of family planning in run up to the October 1 deadline.
Healthcare reform will give young Americans that safety blanket of health insurance coverage as they exit their leaner years. Financially, while many young people are convinced contributing funds towards healthcare is just a way of benefitting the older generation, they are contributing to US Healthcare as a whole, something they will certainly avail of in years to come, especially when they begin families of their own.
So whether they’re covered by Obamacare or state provided exchanges,Healthcare Reform is something everyone needs to prepare for, no matter what age they are or State they come from. Personal health is something everyone needs to manage and invest in and it is worth investigating the possibilities instead of accepting a hefty fine come 2014.
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