Good news for twenty-something Obama voters who can’t afford health insurance. Now you really won’t be able to afford health insurance.
Actuaries at management consulting firm Oliver Wyman predicted the law’s age rating restrictions could mean a 42 percent hike in premium costs for people aged 21 to 29 when they buy individual coverage.
“This means that close to 4 million uninsured individuals … can expect to pay more out of pocket for single coverage than they otherwise would, even given the availability of premium assistance,” study authors wrote.
Obama’s signature healthcare law limited the amount insurers can charge older people for their health insurance to a maximum of three times the amount younger people pay.
Brilliant plan, this is bound to prevent health insurance companies from raising rates on seniors… unless they raise rates on younger people.
Critics of the law argue the requirement will raise costs for young adults and lead them to forgo health insurance, destabilizing the individual market for coverage.
But they can always go without health insurance… and pay a penalty to the government for the crime of living.