President Biden has been on a mission to reduce the age of Medicare enrollment to 60. During the 2020 election, he mentioned numerous times the importance of lowering the Medicare eligibility age to 60 as part of his healthcare reform platform. The reasoning behind lowering the age is that doing so will provide healthcare to those who retire early, or who lack health insurance through their employer. But is Medicare at 60 really coming, or was it all just talk?
On September 3, 2021, Representative Pramila Jayapal introduced H.R.5165, the Improving Medicare Coverage Act. This bill proposes lowering the Medicare eligibility age to 60 as a way to expand access to health insurance for older adults. The change is designed to last 5 years, after which time Congress would re-evaluate it.
Who Would Be Eligible
If the Improving Medicare Coverage Act were to become law in its original form, all US citizens would have the ability to enroll in Medicare at age 60 without any additional requirements. That means millions more Americans would be able to enroll in Medicare, but it is not clear if the penalties people must pay for delayed enrollment would become effective when they turn 60 or 65.
The Cost Of Medicare at 60
There are some financial concerns that come with reducing the age of Medicare eligibility to 60. One of the major concerns is the possible risk of the Hospital Insurance Trust Fund becoming insolvent, or running out of money. If more people enrolled in Medicare, it’s possible that there wouldn’t be enough revenue to cover Part A premiums after just a few years, possibly by 2026. In addition, adding millions more Americans to Medicare would mean that the trust fund would need more funding, and it is currently unclear where this money would come from.
Will It Happen?
It’s not clear if the bill has enough bipartisan support to pass. There were more than 100 Democratic cosponsors of the bill in the House, and some Republicans have also voiced their support for lowering the eligibility age. But there are still some reservations regarding how much it would end up costing.
How You Can Save Right Now
As Medicare costs increase, older adults need to find ways to battle these rising prices, whatever their age. One way to do this is by investing in a Medicare Supplement Plan. The best way to find the right plan for you is to get personalized assistance from an EZ agent. There are 10 different Medicare Supplement Plans to choose from, which means there’s sure to be a plan that’s right for you.
But that also means it can be confusing and time-consuming to compare and choose between plans. That’s where EZ comes in! And our services are free because we just want to help you find an affordable plan with the coverage you need – no obligation, just free quotes. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.
Co-written by Minerva Landon