Tougher Economy For People In Their 20s
|By Diane Stafford, The Kansas City Star|
But the unemployment rate for young people between ages 18 and 29 was 11.5 percent at year end. That was 3.7 percentage points higher than the jobless rate for the working-age population as a whole.
Joblessness was even higher for young African-Americans, at 22.1 percent, and for young Hispanics, at 12.2 percent.
Generation Opportunity, a national nonpartisan organization, says there's concern, too, that about 1.7 million young people aren't even looking for work, so they're not counted among the unemployed.
"The fact is that 2012 marked yet another year in which millennials were unable to find real opportunities in the vocations for which they trained and are qualified," said
The result: Too many young people still are living at home with their parents, perhaps not making school loan payments, and not kickstarting a career that will help them build lifetime earnings and savings.
A study conducted by
Individuals in that age group with incomes beginning at about
"This is because in today's market, younger enrollees can buy coverage that more closely reflects their expected actuarial costs based on their age, and this coverage is pooled with other similar risk classes in accordance with standard actuarial principles," according to the report. "The difference between young and old at similar income levels is that younger individuals at a given income level are much less likely to find it economically rational to purchase coverage if it takes up 9.5 percent of their income."
Even with premium assistance, the report predicted, about 80 percent of persons ages 21 to 29 are likely to pay more out of pocket for health coverage than they pay today.
"Higher rates for the younger population combined with low mandate penalties during the first years of the ACA implementation will result in adverse selection because younger individuals are likely to choose not to purchase coverage," according to
(c)2013 The Kansas City Star (Kansas City, Mo.)
Visit The Kansas City Star (Kansas City, Mo.) at www.kansascity.com
Distributed by MCT Information Services
|Source:||McClatchy-Tribune Information Services|