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elmereoak

elmereoak   , 46

from West New York

Statistics

Young Americans may dodge health law

5894764404405330504.jpg Next year, uninsured Americans must pay a penalty of $95, or 1% of their annual salary if they make more than $9,500 for the year. A person earning $50,000, for example, would pay a $500 penalty if they chose not to enroll in a health insurance plan. But for a healthy 20-something who rarely goes to the doctor and doesnt take prescription medications, that penalty might be far less expensive than buying a health plan through the state health exchanges, the new insurance marketplaces opening Oct. 1. Those exchanges, which will offer health coverage to people who cant get it through their employer or by staying on their parents insurance, are just beginning to announce how much their plans will cost. But based on the rates released so far, the price of health insurance for a 20-something will start at about $72 a month in Washington, D.C., and $117 a month in California, for minimal coverage known as a catastrophic plan, available to people under 30. That means that for someone making less than $86,400 in Washington, D.C., or less than $140,400 in California, even the cheapest health insurance would still cost more than the penalty (a 1% penalty on an $80,000 salary, for instance, would be $800, while the lowest-price insurance in Washington would cost $864 a year and in California, $1,404). And the bare-bones plans also have high deductibles, so 20-somethings in the least expensive Washington plan would still have to pay $6,350 in medical bills before the insurance company would start to pick up the taba calculation that could lead more young people to see the penalty as a comparative bargain: The concern is,How many of them will even forgo that plan and just take the penalty? says Caroline Pearson, a vice president at Avalere Health, a health-care advisory firm.Thats what were waiting to see. Click to Play How Millennials are rewriting the rules of adulthood Parents and their young-adult kids are closer in their tastes and habits these days, but what's increasingly lost are the traditional milestones of adulthood.
For the original version including any supplementary images or video, visit http://www.marketwatch.com/story/young-americans-may-dodge-health-law-2013-06-26