Do Even Young Professionals Need Health Insurance?

0
548

Are we the only ones that are hearing Lana Del Rey singing “Young & Beautiful” when we hear about the “Young and Invincible” uninsured group? Well regardless, don’t you worry, you 25-35-ers. We will still love you when you’re no longer young and beautiful invincible. Sadly though, you’re not invincible, so whether you decide if even the young professionals need health insurance or if they should just remain uninsured. This way, you know your options.

The open enrollment deadline is quickly approaching, March 31st. Only 10 days away from today, and after that, uninsured individuals will face a tax penalty.

What is the tax penalty?

If you are still uninsured after the deadline, one of two things will happen, and it will be whichever is more expensive:

·      1% of your yearly household income

·      $95 per person per year ($47.50 for individuals under 18)

Some people, mainly between the ages of 25 and 34 (they’ve been nicknamed the “young and invincible” group), still believe that it will be cheaper to foot the medical bill should something happen than to purchase health insurance.

GetInsured recently released some numbers that show just how wrong that is.

For that “young and invincible” group:

·      1 in 20 have a chance of their medical bills costing at least $27,000 a year

·      2 in 20 have a chance of their medical bills costing at least $13,000 a year

·      4 in 20 have a chance of their medical bills costing at least $5,000 a year

So, if you’re one of the “lucky” few to fall into the lower category of $5,000 a year, you’re still spending a lot more money than you need to be, especially in certain states where 25-34-year-olds can get insurance for less than a dollar a day.

Texas, for example, as 77,614 uninsured patients between the ages of 25-34, which is over 1% of their overall uninsured population. They can also get health insurance for $1 a day or less.

Some other states in similar situations:

·      Kentucky: 50,306 uninsured young and invincibles, making up for almost 8% of their total uninsured population.

·      North Carolina: 46,916, making up for almost 3%

·      Georgia: 43,572, making up for over 7%

·      Mississippi: 43,511, making up for almost 10%

·      Louisiana: 36,459, making up for over 4%

·      Alabama: 26,573, making up for over 4%

·      Tennessee: 20,358, making up for over 2%

·      Oklahoma: 20,170, making up for over 3%

These are just GetInsured’s top 10 list. The percentages were done using the Kaiser Family Foundation’s state-by-state information.

What are the Obama Care enrollee numbers now? 

According to this Reuters article, over 5 million people have enrolled in the private health insurances offered through the marketplace, with apparently these last few days being the busiest. However, specific numbers for ages (such as 18-34 range) were not reported.