NEW YORK (MainStreet) — It is the rise of Obamacare-ageddon. Businesses are already cutting workers' hours and trimming payrolls as the greatly debated and highly anticipated Affordable Care Act becomes a reality October

k1. State health care insurance exchanges will open and employers will be required to notify their workforces of available options. Nearly 12 million Americans that don't currently have health insurance will have three months to make a decision or pay a penalty. Let the havoc begin.

"Many, but by no means all, uninsured individuals are American adults under the age of 30, who mostly enjoy the robust good health that comes with youth," says Eleanor Blayney, consumer advocate for the Certified Financial Planner Board of Standards. "Medical costs, let alone health insurance, are often pretty low on their list of financial concerns. Facing the choice to get insurance or pay a penalty, they may resort to simple math and conclude that $95 is a lot more affordable than the $3,000 or $4,000 that is currently being estimated as the cost of the lowest level of insurance coverage available on the state exchanges.

• Rising penalties for having no insurance – In 2014, uninsured Americans will be required to obtain health insurance or pay a penalty equal to the greater of $95 per adult and $47.50 per child, or 1% of family income. In 2015, the penalty rises to the greater of $325 per adult (half as much for each child) or 2% of income. In 2016 and beyond, the penalties rise even further.

"The likely reality is that it's going to cost more for the uninsured to get health care coverage under the Affordable Care Act, relative to what it costs now," says Blayney.