09 Jan 2018

Health Insurance Challenges For Millennials

Health Insurance Challenges For Millennials

In 2018, millions of young Americans will turn 26, meaning they’re no longer eligible to reap the benefits of their parent’s insurance program. Yet finding a health insurance plan that suits their needs is seemingly quite challenging and expensive in this day and age. So today, we’re exploring the topic of millennials and their challenging search for health coverage.

The Affordable Care Act

Signed into effect in 2010 by the Obama administration, the Affordable Care Act should be the first option for millions of millennials searching for a health insurance plan.

But this program remains a contentious topic. The Republican Party has tried to pass numerous repeal-and-replace bills, while the Trump administration has successfully undermined the foundations of the ACA.

Reduced Marketing Budget

In August 2017, the White House slashed the marketing budget of the ACA by 90 percent. This means fewer Americans would be exposed to advertisements during the Open Enrollment Period and could potentially lead to fewer enrollees.

Reduced Enrollment Period

The 2018 Enrollment Period was also a lot shorter compared to previous years, and many political analysts saw this as another tactical decision to try and undermine the ACA. The period only lasted 45 days, compared to the traditional 90 days under the Obama Administration.

The Consequences

These cuts ultimately affect millennials in the short-term. Young adults would have benefited from an increased Open Enrollment Period and sufficient advertisements that were both informative and educative. Though the latest figures haven’t been released, some analysts believe that millennials will now represent a larger portion of uninsured Americans.

Attracting Young Americans 

There’s always been a challenge to attract young adults to sign up for an insurance program. Under the Obama Administration, much of the $90 million budget was spent on online advertisements that were a collaborative effort with a list of national organizations.

This included the sponsored Facebook posts with Planned Parenthood and Young Invincibles, which helped promote Obamacare plans to millions of Americans.

This is in stark contrast to this year, where the government did not collaborate with any organization, and the $10 million budget prevented the opportunity to create a national campaign.

Issues Regarding Affordability

The primary objective of the Affordable Care Act is self-explanatory; it’s meant to provide accessible coverage to all Americans. But the current administration has also cut federal funding to insurance companies across the country, which partially subsidizes plans for millions of citizens.

This means insurance companies are forced to increase their prices to compensate for this lack of funding, making certain plans no longer affordable. This has impacted millennials, as they typically don’t make a lot of money after graduating from college. Consequentially, this has forced millennials to apply for Medicaid, which provides basic coverage for millions of impoverished Americans.

If you’re a millennial and you’re struggling to navigate this complex health insurance landscape, feel free to contact one of our agents. At HealthQuoteInfo, our staff is equipped to address all of your concerns and help find a suitable plan that’s both comprehensive and affordable.

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