Matthew Bussard, the Medicare expert, suggests that lowering the Medicare age eligibility would help early retirees to get more affordable coverage.
Over 2 million American workers were forced to retire early by the COVID-19 pandemic due to health-related concerns. Many of them are self-insured and are not currently eligible for Medicare. Lowering the Medicare age, proposed by President Biden and supported by many Congressional Democrats, could be a solution for people between the ages of 60 and 64, but at what cost?
He also remarks, “Many people between the ages of 60 and 64 are currently enrolled in the state insurance plans. Lowering the eligibility age would save the government money by keeping healthier and younger people on these plans.”
Currently, Medicare is one of the most popular ways of gaining health care coverage for people over 65. According to a poll by the Kaiser Family Foundation, lowering the Medicare eligibility age is supported by 77% of Americans, including 69% of Republicans.
Although many believe that lowering the eligibility age would mean a flood of individuals with poor health enrolling in Medicare all at once, Mr. Bussard suggests that it is most likely not the case. However, it would help uninsured older adults get the coverage they weren’t able to afford before.
Matthew believes that lowering age eligibility should be a seamless expansion since the main structure of Medicare would remain the same. Older adults usually are not looking for family coverage that Medicare doesn’t offer and are very similar to the current beneficiaries.
However, from an administrative standpoint, there may be some issues as Medicare enrollment is mainly automatic for people who are already eligible for Social Security benefits. Many 60+-year-olds would have to sign up for Social Security benefits, even though they aren’t yet eligible to receive them.
“Lowering the eligibility for Medicare makes enrollment a little more difficult for those who may become eligible. If you are unsure of your eligibility or how to proceed, it’s always advisable to reach out to an expert in the field,” said Matthew.
About Matthew Bussard
Matthew Bussard is a financial services broker offering support to Medicare users in Rhode Island. He is passionate about creating a difference in his clients’ lives by helping them enroll in Medicare with professionalism and care. Mr. Bussard volunteers with Medicare recipients at clinics, providing efficient, continual guidance to clients every step of the way. Matthew also participates in various charitable activities, including The Hunger Project, the MDRT Foundation, local clean-ups, and little league coaching. He donates to local charities and makes a difference in his community in every way possible.