Since the advent of the Affordable Care Act and the efforts to repeal it, Congress has discussed the idea of Medicare for All. This program would essentially be a government-run insurance plan for everyone. The government would cover health insurance costs with minimal out-of-pocket expenses for anyone covered under this plan. As wonderful as this may sound, it has received much backlash from members of Congress that oppose it.
The main issue is costs and the lack of support from the insurance industry. Therefore, Congress is looking to find a solution that may be easier for everyone to agree upon. The concept is to offer an option for people not of typical Medicare age. It is called the Medicare at 55 Act.
The Medicare at 55 Act and Its Intent
In today’s society, many people work towards a plan to retire between 65 and 75. However, these people near retirement may find their bodies are not working quite as they did in their younger years. Many people acquire certain medical needs starting at age 55. While these people are still working, the costs for these medical needs can be financially crippling.
Furthermore, as people age, premiums will only increase, often much higher than at 30 or even 50 years old. Therefore, as their out-of-pocket expenses and premiums combine, they may add up to be their entire income. This leaves very little, if anything, for living expenses. The idea behind Medicare at 55 allows these individuals to purchase Medicare Advantage, which carries a much lower premium and lower out-of-pocket costs than standard insurance policies.
The Support for Medicare at 55
Medicare at 55 still requires younger individuals under age 55 to purchase standard insurance. The “Buy-in” also allows for those nearing retirement and aged 55 to 64 to buy private insurance through Medicare Advantage policies, which would keep the insurance companies in the loop and receive customers. Furthermore, it assists those in a vulnerable age bracket, where health decreases and medical expenses increase (age 55 to 64) to receive help with the cost of medical care. Finally, it helps those looking to lower insurance costs and gives more people peace of mind.
To learn more about the Medicare at 55 Act and how it may affect you and your family, contact our licensed insurance experts who will be happy to answer any questions you may have.