The U.S. Supreme Court today upheld the constitutionality of “Obamacare.” Reaction from Millionaires is likely to be mixed.
In a 5-4 decision announced this morning, the U.S. Supreme Court upheld the constitutionality of Obamacare, the Patient Protection and Affordable Care Act, the key legislative achievement of the Obama administration.
Millionaires are likely to be split on the landmark decision, which paves the way for a national health plan mandating health insurance for all citizens. More than 38 percent of Millionaires don’t agree with any portion of the Obamacare legislation, according to a Millionaire Corner survey conducted earlier this month, while about 35 percent support one of more of the specific provisions of the law.
About 18 percent said they agreed with the law in its entirety, while 9 percent of Millionaires said they didn’t know enough about Obamacare to have an opinion on the law, according to our June survey.
What aspects of Obamacare does the majority of Millionaires support? Close to two-thirds (64 percent) support the provision that allows young adults to say on their parents’ health insurance plans until they turn 26. (Millionaire Corner research shows that unexpected medical expenses are a major source of debt for members of generations X and Y.) Less than 20 percent of Millionaires – who have investable assets of $1 million or more, not including their primary residence – disagree with this aspect of Obamacare.
Millionaires show even stronger support for a provision of Obamacare that prevents insurance companies from denying coverage for pre-existing conditions. More than 70 percent of Millionaires agree with this provision, while less than 13 percent disagree.
Despite their wealth, Millionaires express a high level of concern over the costs of health care and worry about the financial impact of a catastrophic health event. (Learn more about how health concerns can become financial concerns for Millionaires.)
In comparison to Millionaires, support for Obamacare runs somewhat higher among less affluent investors, those with a net worth of less than $100,000, not including primary residence. More than two-thirds (68 percent) of the less affluent support allowing young adults to stay on the parents’ insurance until the age of 26, and more than 80 percent support the measure banning insurance companies from denying coverage based on any pre-exisiting conditions.