It’s more than the cost; it’s long-term peace of mind.
That’s the message from Eleanor Blayney, the CFP Board’s consumer advocate, who advises Americans to consider several factors before deciding to pay the federal penalty and forego health insurance.
In the latest installment of CFP Board’s Let’s Talk Planning blog and the third feature in its “Let’s Talk Obamacare” series, Blayney acknowledges the “highly controversial nature” of the Affordable Care Act, enrollment provisions of which are set to begin in October. During the open enrollment period, approximately 12 million Americans currently without insurance will have three months to make the decision as to whether to purchase health care coverage or pay a penalty for noncompliance.
“Many, but by no means all, uninsured individuals are American adults under the age of 30, who mostly enjoy the robust good health that comes with youth,” Blayney (right) says. “Medical costs, let alone health insurance, are often pretty low on their list of financial concerns.