By Briana Vannozzi
Correspondent
Underinsured and overconfident. According to the results of a new survey by Princeton Research Associates International, one in four Millenials lacks health care coverage.
“When it comes to the money that I come away with from work, the first priority is getting the rent paid and sort of further down the list is everything else — gas, food, etc. And unfortunately I’m in a position right now where I just cant afford it,” said Fred Henry who is uninsured.
Twenty-eight-year-old Henry is a restaurant manager in Somerset County. His monthly income fluctuates, enough to get by, but not enough for the federal subsidies offered.
“The cost for a monthly health insurance bill is kind of bottom rung unfortunately,” he said.
He’s also still paying off student debt and says he rarely gets sick. A common thread found in the research conducted.
“Every time it’s happened it’s always been ahead enough that paying for any kind of health care or urgent care is fine versus a monthly bill which it never amounted to,” Henry said.
“We always knew it was going to be a challenge to enroll young adults because they often feel that they are invincible and don’t need the health insurance,” said New Jersey Policy Perspective Senior Policy Analyst Raymond Castro.
Policy analysts say overall they’re pleased by the number of younger and older adults who’ve signed up. Only about 16 percent of those above 30 are without.
When Millenials do buy insurance they’re likely to get bare-bones policy. The survey revealed that 36 percent of people in that under 30 age group had only the minimum insurance coverage required by law. Many said monthly premiums were a driving factor.
“They very are concerned about the costs but what they need to understand is that the lower the income, the higher the subsidies. So actually young adults are in a better position to get lower premiums than most of the population,” Castro said.
A separate study by the same group found that about a quarter of Americans have more medical debt than they do emergency savings.
“We have seen a gradual shifting to individuals from employers to pay for that coverage. So I think that is one of the main reasons,” said Castro.
He also adds it’s important to sift through all the information before choosing a plan, not just basing it on the monthly cost. Analysts say if education and awareness of options available increase, the numbers of those signing up should as well.