Roughly 40% of American adults would choose to pay a financial penalty rather than purchase health insurance, according to a new poll commissioned by InsuranceQuotes.com.
Notably, however, 65% of respondents between the ages of 18 and 29 indicated that they would purchase insurance, a greater proportion than any other age group.
The survey posed a hypothetical scenario to respondents based on the requirements of the Patient Protection and Affordable Care Act. They were asked to assume that they were a 45-year-old individual earning $50,000 per year. Insurance coverage would cost $3,000 per year, or they could pay a fine of $400 (equal to 1% of their income above $10,000). Which would they choose?
Overall, 59% of respondents indicated that they would purchase insurance, while 38% preferred to pay the fine. Those figures were nearly identical for men and women, but there were significant differences between other demographic groups, including among age cohorts.