Consider 24-year-old Nils Higdon. The self-employed percussionist and part-time teacher in Chicago pays $140 each month for health insurance. But he's healthy and so far hasn't needed it.My view: We can't know for certain what the new insurance will cost. Most young people will be exempt from coverage while they are in college. They will be
The law relies on Higdon and other young adults to shoulder more of the financial load in new health insurance risk pools. So under the new system, Higdon could expect to pay $300 to $500 a year more. Depending on his income, he might also qualify for tax credits.
And then there are these changes:
Don't you love calling 26-35 year-olds "young people?" This the age group that at any time in the past would be creating families and working to support them. Now they are wards of the state. And exactly how will states pay for those 9 million more young adults on Medicaid?
- In roughly six months, many young adults up to age 26 should be eligible for coverage under their parents' insurance — if their parents have insurance that provides dependent coverage.
- Tax credits will be available for individuals making up to four times the federal poverty level, $43,320 for a single person. The credits will vary based on income and premiums costs.
- Low-income singles without children will be covered for the first time by Medicaid, which some estimate will insure 9 million more young adults.
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