Medicare Buy-In for Boomers 55+

It seems that the Boomer generation is in a no man’s land when it comes to many things. Too old for this, too young for that. And Medical coverage is at the top of the list. Especially if you are ready to retire.

The issue is that if you retire early and try to keep your health insurance, it costs a fortune that most people cannot afford. On the other hand, finding your own individual plan can also cost an arm and a leg and provides less coverage than your medical coverage from work.

There may be a solution coming soon. Medicare may shortly have a buy-in for individuals between 55 and 64 years of age. This could solve a great many problems. The doctors and hospitals would get paid. The insured would be able to continue with their services and with their personal physician in most cases and the Medicare system would have money coming in to offset the expense of treating this group of people.

In addition, statistics show that people age 55 to 65 usually have less medical issues and less medical treatment than most people 65 and older. As a group, they have taken care of themselves better, they are healthier – or at least, the onset of serious health issues that come with age haven’t set in yet – and they tend to see the doctor less, using prevention rather than a cure.

The Medicare Buy-In may take a little time to put into place. Lawmakers are working out the details that would help cover the over 5 million boomers between age 55 and 64 who are uninsured. There would be premiums on a monthly basis to the tune of a few hundred dollars, but the premiums should be less than keeping up with payments for the insurance from the old job and COBRA.

Though the idea has been discussed for years, conditions right now are just right for a program like this to start. For questions, contact the Medicare office nearest you.

Filed under: General-Medicare

Tags: Boomers, General-Medicare, Medicare buy-in, medicare premiums