Lowering the age for Medicare eligibility.

[hamsterjill]

This would be something very helpful to those about my age in the 60 to 65 age category. It’s would be yet another step forward in getting healthcare extended to more Americans. Not perfect, but something at least.

“ Sen. Bernie Sanders (I-Vt.) is reportedly willing to settle for half a loaf.

He doesn't have enough support to pass his "Medicare for All" bill - i.e., the whole loaf - which would put every person in the country under a government-run, single-payer health care system. So he will settle for expanding Medicare from the current enrollment age of 65 to age 55 or 60 - at least for now. Call it "Medicare for More."

And he'll find a lot of support for Medicare expansion, especially from President Joe Biden.

"Medicare buy-in" proposals have been pushed by Democrats for years. Those proposals would allow individuals age 55 or 60 to buy into the Medicare program, paying the added cost out of their own pockets, perhaps supplemented with federal subsidies. ”



https://thehill.com/opinion/healthcare/545771-bernie-sanders-embraces-medicare-for-more?amp

[roamer65]

1. 55 would be good for now.

Would also shore up Medicare for those over 65.

[hamsterjill]

2. Agreed.

I’m all for this helping as many as possible. To me, the more younger people paying premiums when they are presumably a healthier group as a whole just makes sense.

But those of us too old to work (because no one will hire us) but too young to retire (not yet to full SS retirement age) could really use this.

[ProfessorGAC]

3. Small Bites

60 to 62.
This has a potentially large macroeconomic benefit.
There are loads of workers with decent savings who would retire in that age group if they only needed to spend a few to several hundred for coverage. But, covering healthcare insurance for 3 to 5 years could be burdensome.
Retiring earlier frees up positions to be filled by younger workers opening up the next level and so on to entry level.
Now, this would require SocSec funding increases, but raising the cap substantially could do that.
While 55 is a good idea, lowering it to 60-62 sets a precedent where it could be done again later.
This idea is already an incremental approach to MFA. I'd go 62, then 58, then 55 over 10 to 12 years. But, I'd go to 62 yesterday.
I retired at 62, but could easily afford to, even with HC coverage.
Moving younger folks into higher salary tiers & creating entry level openings would be economically stimulative and protects many older people from potential bankruptcy in retirement.
Seems an easy sell.

[hamsterjill]

4. I'm with you.

I’m 62. Healthcare costs are higher for older people and your argument makes sense. While I’m not ready or able to retire at this moment, having coverage would make it possible for me to work part-time or do contract assignments. That would help in the same way you describe as far as leaving the better paying, full time jobs to those still up and coming.

Come on, Joe and Bernie!!!

[ProfessorGAC]

8. I Know Several Like You

Especially those with a BS or BA (or got an advanced degree while working full time).
By 62, that's 40+ years of career. Retiring is deserved because 40 years is a long damned time!
But, they're looking at retirement savings of $400-600 grand. So, it would be a significant hit to income if they had to pay $1,500 a month for coverage. That said, they'd jump on retirement in a heartbeat if they could!

[SoCalNative]

5. Next

lower the retirement age with full SS benefits to 55-60, please.

[hamsterjill]

7. While I would love to see that.

I can’t see it happening. But I’d love to be pleasantly surprised. 62 at the least.

[RobinA]

27. I Can't See

it happening either. Currently the full SS retirement age is going up. I'm 63 and my full retirement age is 66.8. Even if it were lower, I'd probably stick around because my pension is still going up. My best financial situation would be to hang on until 70, but I'm not thinking I will make that. Medicare going younger would help out a lot of people I know who are in the between area. As long as you don't HAVE to take it until you need it.

[Kahuna]

6. I've long believed that it should be lowered to 55. But 60 is a good start. nt

[Wounded Bear]

9. A lot of foks out there in their 50's looking for work...

and can't get hired due to insurance problems with employers. They don't want to take on older workers.

60 is a good start, but eventually it'll have to be 50, IMHO.

[hamsterjill]

10. I hope you're right.

I’m 62, and nobody will even consider my resume. It’s blatant.

[aocommunalpunch]

11. People are so brainwashed and pharma so powerful...

I don't see nothin' done. Not enough pain yet.

[AwakeAtLast]

12. A lot of people could actually retire

Me being one of those people!

[hamsterjill]

13. Exactly.

Be sure to read the posts up thread. Many people would benefit in various ways.

[GoodRaisin]

20. A lot of people could retire by using the ACA exchanges as well.

In the ~ 60-65 range most of their premium may be subsidized, depending on individual circumstances. I retired at 61 that way, taking a plan that costs $1300/month of which all was subsidized but the $34/month I was responsible to pay for. My health care costs actually went up when I went on Medicare.

[Demsrule86]

25. We have a medical plan that could be tapped if hubs chose too... as he was let go a week ago

Monday. However, it would cost 575 per month...we could never pay that on unemployment. Thankfully, he found another job. He received the offer today. But his former company did not pay him today...so who knows what the hell is going on. It will be close to three weeks before we see a paycheck and you have to wait a week in Ohio to get anything for unemployment. We are low on funds after having done more than a years of unemployment between the GM strike (he made auto parts) and the pandemic.

[hamsterjill]

26. Are the subsidies different in different states though?

I realize ACA is federal, but the premiums for me in Texas are still outrageous even with the subsidy applied. What don’t I understand?

[GoodRaisin]

29. As I understand, age, income, type of plan selected and it's cost all factor in

to the amount of the subsidy. It can vary widely depending on individual circumstances.

[hamsterjill]

30. I think that's right.

It’s not an end all, cure all for everyone unfortunately. Wish we all had universal coverage!

[Skittles]

22. not sure I would retire but.....

I would not fear a layoff as much

[Mr.Bill]

14. It would open up a lot of jobs.

Living in a Senior mobile home park, I known a lot of people 55-65 who would retire except the piece of the puzzle missing is medical care. They are working just to keep health insurance for themselves and their spouses.

[xmas74]

15. I've said this for some time.

Drop a year each year for a set time frame. Example: when enrollment opens this year it would be 64 and over, next year 63,etc.
On the other end, it should be an automatic enrollment for all newborns into CHIP, with parents given a paper to sign to opt out. Add to that all kindergarten students at enrollment, then keep adding every year until all students are automatically enrolled and Medicare applies to 50 and over.

[XanaDUer2]

16. I'm 55 and wish it was dropped to 55 nt

[CTyankee]

17. I worked for one non profit organization that was getting rid of all of their older employees...

"dead wood" they were called. I was in that category and trying to wait it out until at least 65 so I could get my full ss benefit. i would have been part of slaughter except that I had told my other department staff that I would be retiring by the end of the year. When my boss heard that she did nothing and just let me run out the clock.

[twin_ghost]

18. I support expanding Medicare to more people, but they must pay a premuim.

There is no free lunch. People 65 and over have already paid for a premium for hospitalization and now pay a monthly fee for Medicare Part B and D.

[hamsterjill]

19. Yes, but the start date differs for everyone

Some of us started working and paying into SS and Medicare much earlier than others. I started working when I was 15, and I’m now 62. So I feel like that’s a helluva long time. Also, those with larger salaries pay more than those with smaller salaries - up to the cap, of course.

So, I’m not begrudging the help going to others. The article does indicate that younger people would have to “buy in”.

[Demsrule86]

24. Well there needs to be a free lunch then because having looked into Medicare...the premiums are

too high and I would bet that those who are satisfied with the status quo...also receive Medicaid benefits. As it is today, Medicare sucks in terms of deductibles, out of pocket which can be thousands if you are hospitalized and premiums.

[grantcart]

21. Really? I went from $100 premium for my wife and I to$ 288.

The under rating of ACA continues

[WarGamer]

23. outstanding.

[JanMichael]

28. Maybe tag it to the 40 SS work credits? That's 10 years of work so make it 80 credits?

The only problem with that are the people that have unreported income. Although the credits are not for FT work.

"More specifically, in 2021, an individual receives one credit for each $1,470 in income, and they can earn a maximum of four credits per year. 1 So, 40 credits are roughly equal to 10 years of work."

Most tip jobs can hit 4 credits annually with low base hourly or $5,800/year.