(I)t is too soon to tell whether these bold creations of the Affordable Care Act will actually bring “affordable” care to consumers. Some observers say that escalating health care costs will still find ways to tap and drain the bank accounts of small businesses, individuals and families.
But it's not too soon to answer if you are a young person, who has essentially no need for prepaid medical services (which medical insurance has been regulated into) that you won't use.
Among the 2,500-page law’s myriad provisions, individuals with pre-existing conditions who have been unable to purchase health insurance no longer will be excluded for chronic illness or a history of medical claims. Insurers won’t be able to drop coverage when someone gets sick. Plans will have to offer more generous benefits, such as capping out-of-pocket expenses and providing free preventive care. Premiums for older consumers cannot be more than three times the cost for younger consumers.
Everything is set up to lessen costs for the old folk who haven't committed themselves to plans and employment throughout their lives that would have provided continuous coverage. Then pass the costs along to the younger generation. AARP is an extraordinary lobby. The baby boomers are quite the selfless crowd.
On top of that, young people, you are going to be paying for the subsidies too. Good luck!
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| Cross Generational Subsidy Growth Under Obamacare |
We are learning what's in it.
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