|
|
Will 60 be the new 65 for Medicare?
04-07-2021, 06:41 PM
|
#1
|
Full time employment: Posting here.
Join Date: Jan 2014
Location: Austin
Posts: 661
|
Will 60 be the new 65 for Medicare?
Just ran across this, supposedly we could see some action this month:
"Biden Considers Opening Up Medicare Eligibility to More Americans - The change would make 60 the new 65 — and millions of Americans could save thousands."
https://moneywise.com/a/biden-consid...re-eligibility
__________________
ER'd 6/1/2014 @ age 53. Wow, is it already 2022?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
04-07-2021, 06:42 PM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,221
|
I am hopeful. My take is they will compromise at 62.
|
|
|
04-07-2021, 06:57 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,327
|
I would love to see it. 60 or 62 would be a huge improvement over 65. It would save us many thousands of dollars.
|
|
|
04-07-2021, 07:02 PM
|
#4
|
Full time employment: Posting here.
Join Date: May 2008
Location: Lexington
Posts: 714
|
Honestly prefer the subsidized exchanges over medicare, but I'll take either.
|
|
|
04-07-2021, 07:08 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,544
|
Would hurt social security and you are expanding a program which is already growing at double the rate our economy is growing
The Medicare program is running a deficit and is expected to be exhausted in 3 years.
Highly doubtful.
|
|
|
04-07-2021, 07:14 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,911
|
If it changes to either 60 or 62 I have several friends who will choose to retire, rather than return to in-person w#rk after Covid.
I will watch with interest how this unfolds, on their behalf. It's a moot point to me, as I just turned 65 four months ago. So naturally they're thinking about lowering the age now. My timing never was optimal!
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
|
|
|
04-07-2021, 07:22 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,050
|
I never understood why it wasn't 62 at a higher cost just the way you give up some SS payment for drawing "early" at 62. My biggest perceived problem in my state is lack of access to health care more than paying for it. Not that I am rich it is just that a couple of state run HMOs are not my idea of what I would like on the exchange.
|
|
|
04-07-2021, 07:41 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,479
|
As Montecfo says, paying for it would be a problem. Not that it's slowed down any spending recently. But Medicare is in worse financial shape that SS.
And then we'd see all the complaints that Medicare with the usual add-ons is more expensive than subsidized ACA exchange plans, which it is. We've already seen those complaints here.
If they can figure out how to fund it, I do think 62 makes sense to line up with early SS.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
|
|
|
04-07-2021, 07:46 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,327
|
Quote:
Originally Posted by Calico
If it changes to either 60 or 62 I have several friends who will choose to retire, rather than return to in-person w#rk after Covid.
|
So many older people work solely for medical benefits. I might even be one of them in a couple of years. This change would enable a lot of people to retire sooner.
|
|
|
04-07-2021, 07:53 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,865
|
Quote:
Originally Posted by disneysteve
So many older people work solely for medical benefits. I might even be one of them in a couple of years. This change would enable a lot of people to retire sooner.
|
Interestingly, nearly the exact same statement was made in reference to the ACA when it was in the process of being passed.
Do you not find the ACA adequate for early retirement? (I do; it has worked well enough for me and my family for the past five years of my FIRE.)
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
|
|
|
04-07-2021, 07:57 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,001
|
Hmmm - will I no longer be able to contribute to my HSA at 62?
__________________
Retired since summer 1999.
|
|
|
04-07-2021, 08:14 PM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,327
|
Quote:
Originally Posted by SecondCor521
Do you not find the ACA adequate for early retirement? (I do; it has worked well enough for me and my family for the past five years of my FIRE.)
|
ACA will probably work but only if we can qualify for the subsidy. Otherwise the cost is ridiculous.
How much is Medicare monthly generally speaking?
|
|
|
04-07-2021, 08:15 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,327
|
Quote:
Originally Posted by SecondCor521
Interestingly, nearly the exact same statement was made in reference to the ACA when it was in the process of being passed.
|
That’s true and I know people who were able to retire because of that.
|
|
|
04-07-2021, 08:26 PM
|
#14
|
Full time employment: Posting here.
Join Date: Apr 2006
Posts: 880
|
Not sure how they will pay for it, but that doesn’t seem to stop the government. Someone has to pay for it at some point.
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
|
|
|
04-07-2021, 09:18 PM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,001
|
Quote:
Originally Posted by disneysteve
ACA will probably work but only if we can qualify for the subsidy. Otherwise the cost is ridiculous.
How much is Medicare monthly generally speaking?
|
Compared to unsubsidized ACA plans, Medicare costs less, even with IRMAA, and much, much lower OOPs, plus access to a large network and no gatekeeper.
__________________
Retired since summer 1999.
|
|
|
04-07-2021, 09:39 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,865
|
Quote:
Originally Posted by disneysteve
ACA will probably work but only if we can qualify for the subsidy. Otherwise the cost is ridiculous.
How much is Medicare monthly generally speaking?
|
I'd like to answer your questions, but honestly the most accurate answer is "It depends".
The most recent ARPA law lowered the cost of ACA plans for pretty much everyone. It also enabled subsides for some who are close to but above the 400% cliff. But I think those changes are only currently slated for 2021/2022. The cost of ACA plans also depends on your income and what plan you choose. I'd share my specific premium and situation, but from other threads I've read it varies quite widely so it wouldn't do you any good. Also, I have pretty good flexibility now on what my AGI will be, which is helpful for ACA purposes but also might distort any usefulness of my data point for you.
You might like the KFF subsidy calculator which includes the latest ARPA law changes at https://www.kff.org/interactive/subsidy-calculator/
The cost of Medicare depends on what you include (B/D), whether you get a Medicare advantage or supplemental plan, and what your income is. IRMAA appears to kick in right around where the 24% bracket starts and impacts both B and D premiums. I can tell you at age 75 my current plan has me paying the inflation-adjusted equivalent of $202.40 a month for part B only. But again, that info is probably not very helpful.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
|
|
|
04-07-2021, 09:43 PM
|
#17
|
Full time employment: Posting here.
Join Date: Apr 2016
Location: warren
Posts: 935
|
I'd much prefer to stay on subsidized ACA till 65.
|
|
|
04-07-2021, 10:39 PM
|
#18
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,050
|
I would just like to have a freaking choice between something besides a crappy HMO and my MC. Right now that choice is probably pick new employer *and work 12 years* or move.
|
|
|
04-07-2021, 10:58 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Feb 2003
Posts: 2,395
|
Will 60 be the new 65 for Medicare?
Nope. I don't see it. Don't crash a program that so many people paid into for so many years, depending on it being there for them. So why not start early SS at age 55?(that's rhetorical). Actually, early SS at age 55 could be a much-reduced age 62 benefit. But for Medicare, how would you pare-down the approved medical costs to allow earlier entry?
What does Medicare COST? Back in ~2016/2017, CMS was budgeting an average of >$10,000 per Medicare recipient per year. This was the per-person per-year dollar amount that was handed over to Medicare Advantage companies for them to handle everything for a person who went the MA direction. The government would still act as collector of the Part B premium, relieving an MA insurer of running a collections business.
__________________
-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
|
|
|
04-07-2021, 11:48 PM
|
#20
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,050
|
Maybe that is it. They will push it as traditional medicare then make it like advantage plan with gatekeepers? IDK I just need to qualify for MC retiree health (2 years) and will be safer then
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|