Two-Minute Warning The Young Invincibles: What the 18-34 Age Group MUST Know
|About the Book|
With 1,000 pages, a fumbled launch and moving deadlines, Obamacare can be both confusing and intimidating. Dennis Deruelle, MD, FHM not only read the law, but breaks it down into simple football terms to help 18-34 year olds (Young Invincibles)MoreWith 1,000 pages, a fumbled launch and moving deadlines, Obamacare can be both confusing and intimidating. Dennis Deruelle, MD, FHM not only read the law, but breaks it down into simple football terms to help 18-34 year olds (Young Invincibles) understand how to navigate their new options under Obamacare.A Brief History of the Young InvinciblesThe healthcare insurance industry coined the term “Young Invincibles” to define young adults who feel strongly that they have no need for insurance, because they are basically healthy- for them, the odds of becoming sick and needing health insurance are far outweighed by the cost of acquiring that insurance. In the era of Obamacare, the term has gained popularity, and has taken on a more specific meaning: the 18-34 year-old age group. (NOTE: Throughout this chapter, you will find slight inconsistencies in the age range- some studies use 19-34, while the U.S. Census Bureau typically uses 19-25 and then separately, 26-34, as their age categories.)The Financial Importance of this PopulationAs several government departments worked to calculate the financial implications of providing coverage to all Americans, it became clear that this population of young adults would play a crucial role due to their low risk of incurring high-cost medical care, which makes them more financially attractive to insurance companies. The average healthcare expenses for this age group are considerably less than older populations. Healthcare policy experts, analysts, and many others began--and continue--studying the complex relationship of expanding access to all at an affordable rate, while improving quality and containing costs. And although they know this will be a daunting undertaking, most agree that without these Young Invincibles, the law will certainly fail. Because they are such a low risk when it comes to medical expenses, the Young Invincibles are more sought after than 300-pound linemen who can run a 4.7-second 40-yard dash. The Young Invincibles are the top draft picks of healthcare- every insurer wants them.Size and Status of the Young InvinciblesWe need to take a moment to look at the size and insured rate of this group because of its critical role in making the new law successful. Nearly 68 million Americans fall into this age group, with roughly 18.5 million of them being uninsured, making them a prime target for getting the 48 million uninsured covered in America. Currently, 26.8% of 19-25 year-olds, and 27.5% of 26-34 year-olds, are uninsured. (http://aspe.hhs.gov/health/reports/20...) The table below shows that this segment of the population has the largest percentage of uninsured Americans. Add to that the positive financial impact that signing up the Young Invincibles would have on the health insurance industry overall, and you can see we all have a vested interest in this group’s decision in signing up for Obamacare.