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A proposal is gaining steam to lower the Medicare eligibility age to 50. It's called the Medicare at 50 Act.
This could be really good news for those who want to retire early or those who have lost their jobs and find themselves paying super high health insurance premiums through the healthcare exchange. The age of eligibility for Medicare was set at 65 when it was signed into law. Since then, except for a few exceptions, it hasn't changed. But the winds of change have been blowing in healthcare and we've seen multiple proposals surface that range from Bernie Sanders plan to abolish private healthcare and have everyone on Medicare to the more moderate plans such as the Medicare at 50 Act which is what we're discussing today.
The basic premise of this plan is simple. Instead of being able to access Medicare at 65, individuals would have the option of becoming covered as early as age 50. According to the main sponsor, Senator Stabenow, this plan would drastically lower the cost for the age group who are paying the highest premiums through the plans from the affordable care acts health care exchange. At face value, this plan sounds like great. As I've noted before, there have been multiple studies completed, including this one from the employee benefit research institute, that have found that nearly half of all workers leave their jobs BEFORE THEY WANT TO. 72% of those individuals left their job because of their own health or to take care of a sick spouse. For any of these people, healthcare can be EXTREMELY expensive. the point of not being able to afford it. Opening up Medicare eligibility to age 50 could be welcome relief.
But would this just add to the funding problems that the Medicare program is already facing? Nor according to the Democrats who are sponsoring this Bill. They say that Medicare's funding wouldn't be touched under the proposed legislation, since those buying coverage would be required to pay the entire cost. So whatever tit cost the government would be the cost for the individual. As for whether it would be too expensive, they believe Medicare's current cost structure and limits on physician and hospital reimbursements would keep prices significantly lower than some of those other insurance plans.
After reading through the available details on this plan I was still a little puzzled by a few items so I reached out to Danielle Roberts who's the founder of Boomer Benefits, a Medicare agency, and the smartest person on Medicare that I know.
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⚠️Since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 👍
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Yeah, I’m all about this, I hope they do it, an I always hit your like button, I truly appreciate your content, thanks Devin. I just wonder how much it would cost per month, my retirement insurance is about 1000 a mo. My reason is simple, I would like to retire at 62 an walk away from the construction trades that I’ve been in for 40 yrs. An restart my golden yrs with ALOT of fun, instead of work, work,work all the time.
Thanks! We’ll keep you informed if this gets any closer to law.
We sure hope that it will be much cheaper than $1000!
Well, this act is 18 years too late for me but I think it makes a lot of sense. My employer for my last 7 years @ work was self-insured and our premiums were way too expensive compared to plans I’d been on before. Medicare at 50 would have been a great option for me during those years. Always enjoy your videos Devvin and recommend them to my peeps. Thank you for keeping us informed in an ever-changing field.
You are the perfect example then, Dale, of exactly where this strategy could benefit the marketplace. Here at our agency, we meet people turning 65 all the time how have been paying over $1000/month for coverage that has a really high deductible too.
According to a study by George Mason University, the United States would save 2 Trillion Dollars over the next 10 years if we switch to Medicare-for-all. This is while providing healthcare to more people. Private health insurance has too much money being funneled to administrators, marketing, advertising, CEO salaries/bonuses, and stock dividends. Private insurance companies are nothing more than middle men. https://www.mercatus.org/bridge/commentary/medicare-all-32-trillion-new-costs-or-2-trillion-savings
It would bump the low-income young Seniors off Medicaid to Medicare before age 65.
The numbers don’t work now. So it’s not going to work for Medicare at 50. They are going to fund it with larger deficits or higher taxes
Very likely true, Michael. It will really be interesting to see how they propose to fund it.
Another so called leftest freebie. I will be turning 65 soon and knowing I have got to come up with an extra$150.00 a month for Medicare is a rip off. I am on Social Security now can’t afford This!!!
I know a lot of folks who would retire at 62 if it weren’t for healthcare costs . It’s insane that people are paying $2000 plus a month in premiums for policies with $10000 deductibles .
I can agree to lowering the age to 62, which is consistent with SS benefit availability; no way for age 50 !
I know this is not the bill that is being presented, but I’ve always thought that you should be eligible for Medicare and Social Security after 35 years of work. if you are 20 and have worked in construction or hard labor for your whole life you aren’t left hanging at 55 when no one will hire you as a laborer. I don’t think some one who works 10 years from 40 on should receive the same benefit as someone who has paid in for 35 years.
it’s hard to get good health care I had to wait for a job for five years before I found a job that had good healthcare before that I just had jobs that didn’t have health care at all or the bare minimum today when I did my taxes I had to show proof of health insurance that I’ve had for a couple of years now my tax man even took a photocopy of my blue anthem blue shield card that my job provides for me I’m 54 &hope I have my health insurance for many more years but when I retire I’d like to know I have a good Medicare or Medicaid insurance supplement I can only hope thank you Devin for your videos I watch them all the time they’re very informative
Early retirees often retire for medical reasons.
Therefore, these people would be actively using their Medicare entitlement each month.
So, the cost to Medicare to provide health care services could rise ? ?
Agree! Costs would likely explode.
Yes that is one of the concerns we have as well….
Like the new plan for 50 …military just forced me to retire early this year at age 54 …
HI James – will they be offering you Tricare for Life?
Yes. I’m in 100% agreement and believe it’s more feasible than medicare for all. Having affordable health care at even 55 when I’m able to draw my pension would be a life changing option. But, we all still need to see the plan in it’s entirety.
Looking forward to updates on this proposal.
Until we see that $2,500 raise from the savings after passing the ACA I won’t trust them.
Socialist will destroy this country!!
Yes it is a good thing cause at 50 YEARS old has alot of medical bills cause of health issues and it will keep some more money in pocket for them to live on
62 perhaps 59.5 yes not 50
I believe dropping it down to 50 may be too low, 60 to 62 would be a little better bite off the apple, would probably be easier to sell! Enjoy your videos greatly! I’m 57 and trying to get prepared for retirement, learning alot from you. Thanks! Dave H.