Once older workers are
unemployed it is difficult for them to find re-employment. In the coming year,
with the Affordable Care Act in place, they will be able to buy insurance on
the Health Exchange.
According to a theory
by John Challenger, the CEO of a global outplacement and coaching company, once
older individuals could buy insurance on health exchanges; it could be a
blessing in disguise for them. The prime reason older people can't find a job
is because their employers do not want responsibility of their health care.
For older people the cost of health care is costlier -
almost five times more than that of a healthy, young adult. As employers will
no longer be responsible for health care, they will prefer to employ older
workers. This is one clause which may hike the demand for older workers.
Also when older people
do not need to be employed for health insurance, they can opt out of the job
market or pursue their own business. They are more comfortable when the risk of
health insurance no longer exists. They will anyway qualify for medicare once
they are 65 years old.
Hannah Punitha (IRDA
Licence Number: 2710062
Catherine Rampell, Feb 2013