Millions of millennials may face penalties as ACA enrollment deadline approaches

As the open enrollment deadline nears, millions of young adults who have not enrolled in a health plan could face steep penalties under the Affordable Care Act, the Associated Press reported.

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Many millennials have not enrolled in a plan because they think they are healthy enough to go without insurance, according to the report. However, fines for being uninsured could average approximately $1,000 per household in 2016, one independent estimate found.

These fines are forcing many of those in their twenties and thirties to reevaluate their decisions. Open enrollment ends Jan. 31.

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