How the GOP Health Bill Affects Millennials [VIDEO]
Millennials are starting to get worried on how to sustain paying for a health insurance if they fail to find a full-time job that offers such benefits. How they fare under the GOP health care bill that is currently at the Congress is something they are skeptical about.
Several millennials that do not have a full-time regular job are worried on how they would par in the new GOP health bill that has already advanced in Congress. Millennials are the generation of people falling on the 18 to the 34-years-old bracket and represent more than a quarter of the United States population. Some are even lacking knowledge if they qualify for the US' current health insurance Medicaid or if they can subsidize or buy coverage set up under the Affordable Care Act, popularly known as Obamacare, NPR Org revealed.
Most of the are also hearing about the health care debate and worry about their future, in the event that they would require health insurance coverages in the future. For an average millennial that juggles 2-3 hourly jobs, aged 26 to 29, would most likely get a tax credit of $2,000.
The amount goes up to $2,500 for those aged 30 to 39. However, if someone in this age bracket and with a minimal amount of income in their pocket, affording a plan that would cost a few hundred dollars a month would leave them financially drowning, the ABC News Go reported.
At present, there is already an uninsurance rate drop in the course of five years. The expansion of Medicaid and children being able to stay under their parent's insurance until their reach the age of 26 is considered as one of the benefits of the Obamacare. However, with the possibility of the ACA being repealed by the new GOP bill, this might not be the case for young millennials.
Critics are seeing millions of American losing their health insurances as soon as the new GOP health bill rolls out. The same fear is also present among young millennials who may not be able to afford health insurances with the meek incomes that they have.
Although they would be receiving more tax credits compared to what they get from the current ACA health plan, low-income earning millennials would see reductions in the subsidy once the new GOP bill rolls out.