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Tuesday, March 30, 2010

Young Adults Suffer For Obamacare With 17 Percent Increase In Costs

The AP continues it's surprising foray into actually reporting the "news" instead of cheerleading the Obama administration, by explaining more of the ramifications of the new Obamacare law.

Under the health care overhaul, young adults who buy their own insurance will carry a heavier burden of the medical costs of older Americans — a shift expected to raise insurance premiums for young people when the plan takes full effect.

Beginning in 2014, most Americans will be required to buy insurance or pay a tax penalty. That's when premiums for young adults seeking coverage on the individual market would likely climb by 17 percent on average, or roughly $42 a month, according to an analysis of the plan conducted for The Associated Press. The analysis did not factor in tax credits to help offset the increase.

The higher costs will pinch many people in their 20s and early 30s who are struggling to start or advance their careers with the highest unemployment rate in 26 years.

Add this to the long list that has been started to other ramifications and Americans are starting to get a good look at how bad this bill actually is for America.

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