Pssst. Hey, Millennial. It's me…Uncle Boomer. Can I come down? Your Mom said you'd be in the basement. "Junior's Subterranean Penthouse," your Dad called it.
Almost Happy Birthday. 26 years old! Whatcha doing? Watching Healthcare.gov grind away? Sweet! Oh yeah. No more parents' health insurance for you. The Affordable Care Act (ACA) says you're a big boy now.
So how much will that "affordable" (wink-wink) policy set you back?…WHOOOOOA!…The deductible? O…M…G!
Bummed? Well, the ACA does require 26-year-olds to way overpay for insurance so 60-year-olds—like your parents and me—can way underpay. You say you understand why? Seriously?
Ahhh. Dad explained it while you helped him shop for organic, locavore, free-range tempeh. "That's how all insurance works," Dad said.
And you believed him…OK. Your Dad means well. But he doesn't know squat about insurance. You overpaying so he can underpay is not "how all insurance works." You need a little education, Sparky. And the Mercatus Institute's Robert Graboyes is here to offer some wisdom.