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Thanks, Obamacare: Millennials face massive insurance premium increases

(The Associated Press/Carolyn Kaster)

(The Associated Press/Carolyn Kaster)

The Affordable Care Act isn’t so ‘affordable’ anymore – especially for young and healthy millennials.

Earlier this week, the Department of Health and Human Services announced that the cost of health insurance plans through the Obamacare exchanges were set to increase by an average of 25 percent in the upcoming year. The changes vary considerably state-by-state, depending on several factors, including population demographics and the number of insurers in each state.

The HHS report found that a 27-year-old purchasing the middle tier silver plan could see a 3 percent decrease in the cost of their plan if they live in Indiana or Massachusetts, and up to a 116 percent increase in cost if they live in Arizona.

Business Insider created the graph below, using HHS data.

(Business Insider/Andy Kiersz, data from The Department of Health and Human Services)

(Business Insider/Andy Kiersz, data from The Department of Health and Human Services)

Indiana and Massachusetts are the only two states where HHS found premiums would go down for the 27-year-old, while many other states had staggering increases, including a 69 percent increase in Oklahoma and a 63 percent increase in Tennessee.

Despite the Obama administration’s efforts to market the president’s signature health care reform law to millennials through corny ads, celebrity endorsements, and the #HealthyAdulting social media campaign, costs are simply too high to make sense for many young adults in low-paying jobs who are healthy enough to get by without it.

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