Can Obamacare really be activated this January?
One of the great ironies of Obamacare implementation is the people it’s supposed to help the most want it the least. It is reported that two-thirds of Americans currently without health insurance haven’t decided if they’ll buy it come the deadline of January 1, 2014.
Without those very people, the Affordable Care Act is in big trouble, according to a CNBC report. There are monetary penalties if you do not purchase health insurance under the law, but the penalties are way smaller and cheaper than health insurance.
Majority of The Uninsured Refuse to Purchase Health Insurance?
If a majority of the uninsured refuse to purchase health insurance, the cost for everyone else with insurance will skyrocket according to Laura Adams of InsuranceQuotes.com, which paid for the polling.
The survey was conducted by Princeton Survey Research Associates International.
Approximately 64 percent of the uninsured have not decided on health insurance. Ten percent have already said they will definitely not buy insurance. Only 19 percent say they will definitely comply.
It appears to be a wait and see game for many Americans. What will the penalties finally be and will it be worth it to carry the insurance? Many are skeptical any monetary penalties will be enforced the first few years of the law.
The penalty for not buying health insurance the first year of the law is $95 per adult or one percent of income, whichever is highest. The penalty is half the adult amount for children under 18.
Penalty Will Steadily Climb Each Year
The penalty will steadily climb each year. By 2016, the fine will be $695 or 2.5 percent of household income in 2016.
The law allows for tax credits for those on lower incomes, but 68 percent of those polled do not believe they’ll qualify.