Of course you know that the official roll-out of ObamaCare has already begun. And you also probably know that it is required for (almost) every American to actually have health insurance by January 1st, 2014. If you do not actually carry health insurance, then you will be subject to paying a fine, assessed by the IRS on your tax return.
So, the one big question that I would have for you is this: will you enroll in ObamaCare, assuming that you do not already have a plan that will continue, or will you pay the fine? Just for the heck of it, assume that your plan ends up dropping you (sorry to play devil’s advocate on this one), would you be more likely to obtain a new ObamaCare plan, or pay the fine? How about if it cost you twice as much in terms of the monthly premium and also had a higher deductible?
Gallup recently conducted a poll that was released on Friday with some surprising results. They reminded the participants of the fact that if you did not obtain insurance coverage, this would lead to the payment of a fine. Even after reminding them of this fact, only 56% said they plan to get insurance. 34% said that they would pay the fine and 10% said they were undecided. Gallup also conducted the same poll last month, and it showed that 65% were planning to get insurance.
So, it seems like more Americans are now willing to pay the fine rather than pay for over-priced, low-quality health insurance with high deductibles and premiums. The thing that is interesting about these polls is not so much the actual numbers, but the trends. It looks as if more people are hearing more bad things about ObamaCare and deciding that they would just rather not be part of such a system.
Another interesting thing to consider is how this polling data breaks down among age groups. Although the report did not say, I would imagine that among those who will be getting coverage the majority are older people who basically cannot afford to be without insurance. I would further imagine that the vast majority of younger and healthier people would rather pay the fine.
This would represent a big problem for the Obama Administration. It would effectively skew the economics of ObamaCare to such a point that the plan might actually implode upon itself. You see, this is basically a system of access. So, everyone pays the same which means that those people who consume much less of the resources must join in greater numbers than those who consume more of the resources. With more older people than younger people joining, this would mean excessive consumption and not enough money coming in to really pay for the services rendered.
This is also troubling for the Administration because we are only a little more than two weeks into the roll-out. Already there has been so much press and talk about all of the problems with ObamaCare that we saw almost a 10 point swing in this poll. Imagine what will happen when the GOP starts holding hearings and issuing subpoenas for HHS and White House officials to answer questions about why things are working so poorly and why the rates are so high?
So…what do YOU think? Would you rather pay a fine or join ObamaCare? What do you think about this latest Gallup poll? Are Americans having doubts about ObamaCare?