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Obamacare Penalty An Economic Disaster For Millennials

Obamacare Penalty An Economic Disaster For Millennials

As this years open enrollment for Obamacare nears the end, hefty fine for not enrolling could spell further economic disaster for millennials.

Obamacare has been a disaster since it was rushed through Congress and signed by President Barack Obama in 2010.

Everyone remembers: “If you like your doctor, you can keep your doctor.”

From the embarrassing website issues to the millions of Americans losing their health insurance, Obamacare has set a trend of failures in its quest to make insurance more available and affordable.

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It is no secret that the brunt of Obamacare falls on the millennial generation’s shoulders, as they have seen their premiums continue to rise in order to offset older Americans more expensive healthcare needs.

Millennials are facing a whole host of crippling economic issues in 2016 and they have just received another blow. The Obamacare penalty is increasing this enrollment period to around $1,000 or 2.5 percent of taxable income, according to an independent study by the nonpartisan Kaiser Family Foundation.

As millennials are transitioning out of college and working on establishing a career in a bumpy economy they have to take a serious look at their ability to meet Obamacare’s health insurance requirements or take the penalty.

Open enrollment ends January 31 and time is quickly ticking away.

Unfortunately for the Obama administration, there has been little ability for them to sell Americans on the need to purchase health insurance rather than take the penalty and this is certainly true for the millennial generation.

Although, many millennials are aware of the looming penalty increase for not being insured they are finding it hard to afford the insurance premiums currently available according to recent poll by the Kaiser Family Foundation.

The major issue with the Obamacare insurance plans are the high deductibles. They are still far too expensive, leaving many carriers with thousands of dollars in medical bills.

Most young adults find that even the cheapest plans are costing them around $100 a month, totaling over $1,200 for the year, are just too much. Most millennials are having the make the tough choice to save a few hundred dollars, take the penalty, and go without insurance.

A recent study by How Much showed that 51.8 percent of millennials only have $1,000 in savings and this year’s Obamacare penalty could severely cripple millennials ability to handle a medical, automotive, or financial crisis.

As my father says, “Obamacare is a completely failed crap boon-doggle” and it is becoming worse and worse for the financially struggling millennial generation. Obamacare is yet another economic roadblock initiated by Democrats that is setting millennials up for a life time of financial hardships.

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