Survey finds young still ignorant on healthcare

Young adults are more worried about paying for health insurance under the Affordable Care Act (ACA) than previously thought, and a large portion are unaware of the financial incentives available to them according to a new report.

A study by the financial organization Deloitte found two-thirds of young adults between 19 and 34 years old without health insurance said they couldn’t afford it.

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Seventy percent of those uninsured knew about the deadlines and penalties for not signing up for healthcare, but 47 percent of them didn’t know some states had expanded Medicaid to help cover costs, 45 percent did not know about federal subsidies for low-income individuals, and 40 percent did not know they could stay on their parents’ health insurance until they turn 26.

“During the enrollment period for healthcare exchanges created by ACA, millennials often found themselves labeled ‘young invincibles’ — a class that underestimated and misunderstood the value of health insurance, and didn’t apply rigorous logic to their decision-making,” said Jacqueline Zygadlo, a Deloitte spokesperson.

However, the report says only 46 percent of uninsured young adults didn’t see the value of paying for health insurance.

According to Zygadlo, this opens up the opportunity to get the word out to young adults about the financial incentives under ObamaCare and improve their enrollment for the 2015 period.