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Obamacare on a Millennial's budget

The success of the Affordable Care Act depends on younger Americans opting in. A new report shows they may be able to buy coverage for under $50.
/ Source: MSNBC TV

The success of the Affordable Care Act depends on younger Americans opting in. A new report shows they may be able to buy coverage for under $50.

Younger Americans may be suffering in the job market but they can probably find the money for health insurance now, says a new report.

The U.S. Department of Health and Human Services released its findings Monday night, estimating 46% of single adults between the ages 18 to 34 who qualify for the health insurance marketplaces could get coverage for $50 or less per month--after tax credits. And about 66% of these uninsured could be eligible for coverage that costs under $100.

“This is a good investment for young people and you know when you look at the number of young people who actually want health insurance, but are having trouble affording it, that fact that we're making it affordable for them for the first time, that's a big deal,” President Obama reiterated Monday during an interview with Fusion TV.

An additional one million single young adults may be able to get Medicaid if they live in a state that opted to expand its program. Researchers looked at data from the 34 federally-facilitated and state partnership marketplaces.

Healthy young people are a key to the Affordable Care Act’s success: the administration needs them to sign up. The so-called “young invincibles,” who generally don’t need as much medical attention, help to offset costs for older and sicker individuals: if Millennials avoid enrolling, health experts and administration officials alike predicted premiums could rise for Americans across the board.

Administration officials are selling the insurance hard.  

"The health care law is making health insurance more affordable for young adults," said HHS Secretary Kathleen Sebelius in a statement. "With nearly half of single, marketplace-eligible uninsured young adults able to get coverage at $50 or less per month, the health care law is delivering the quality, affordable coverage people are looking for."

Republican lawmakers--long rooting for the law’s demise--have been calling for Sebelius’ resignation.

The administration has been under fire from both sides of the aisle after the rollout of the website, which was built to lure the younger, web-savvy crowd.

Based on projections by health care experts and the White House, about 2.7 million 18-35-year-olds must sign up soon in order to stay on track.

The Obama administration announced Monday night that uninsured Americans now have until the end of March 2014 to sign up for health insurance.

As long as people enroll by the new deadline of March 31, they will not face a tax penalty. Originally, people had until February 15 to get covered under the Affordable Care Act.