Medicare for Boomers at age 55?

What happens to a Boomer when he or she is 55, has worked his or her 20 to 25 years and is ready to retire?  Good question.  What happens if this same Boomer wants to begin a second career at least until they are 62 or 65 – actual retirement age.

Too young for Medicare at 55 but retiring.  Besides COBRA, what is available?  In some cases, employer insurance can continue, usually through COBRA or through a switch to a private policy, too often with high premiums and much less coverage.  Unless this 55 year old has retired with an excellent income and a ton of savings, the cost of insurance can be prohibitive.

However, there have been suggestions that 55 year olds that are eligible for retirement should be able to buy into Medicare and pay ad least modest premiums.  Since this is a younger age group, usually with less health issues – especially less serious or long term heath issues – premiums would offset other Medicare expenses of the current recipients who are older, and they could help fortify and supplement the current program.  In addition, part of these premiums for the 55 year olds could be used to put in a savings account that will provide some modest supplements to the 55 year old early retirees until they reach the age to actually draw Medicare and Medicaid, and the government could borrow from the interest on that money to help supplement current or future premiums. 

The issue of early retirement of Boomers, as well as what they can and will do is an important one and needs to be explored thoroughly so as to create an appropriate solution.  It is hopeful that the time will be taken to research the issue at great length and several solutions can be proposed that will help a great many people now and in the future.                                  

6 Responses to Medicare for Boomers at age 55?

  • Jane Hatch says:

    How do I stay informed on this option as it develops? What is the best web resource to use to track the discussion?

  • Ludmilla Prestwich says:

    Why is the early retirement age 62, and full retirement age 66 (in my case, anyway) and yet I cannot get Medicare until age 65? This new “option” makes total sense.

  • Richard harps says:

    I Had to retire when i was 52 due to my company closing down operations. I was lucky enough to get a pension of $1300.00 a month before taxes. My company offered me health care insurance for my wife and I which we have now. The problem is that my premiums are $820.00 a month which leaves us a few hundred dollars to live on. My wife and I do have some savings which we draw on all the time. I am now 60 and can not find a job, would I be eligible for medicare. Please get back to me and thank you for you for your time.

  • patricia hellums says:

    i am wondering if my husband and i, could get medicaid. he is 65, i am 55,yrs old. his ssi is 946.00 monthley. shoukdnt he get free medicaid for him and me both. or should.nt he and me both. thanks patty

  • Marcella McFadden says:

    I am 55 years old and taking care of a handicapped mother who is 76 and has post-polio syndrome. I need to be available most of the time which inhibits me from seeking full-time employment. I don’t have any health insurance and my blood pressure is high and ranges from 140/94 to 187/111 last two times it was checked at my dentist’s office. My mother’s brother pays me a small salary to get by to help my mother so she won’t end up in a nursing home. I qualify for Medicare but not until I reach 65. I can’t afford private health insurance and I own a house which means I am not eligilble for Medicaid. If I even make 65 I will have many health problems because of not having insurance and will burden Medicare even more. If I could buy into it now, then some of these health problems could be resolved before they get to the point where it will take at least 3 times as much money to fix them now.

  • glenda brown says:

    I would like to know more about this program so that I can retire from my job the end of this year at age 55; if I do so now I will have to pay for my medical insurance which will cost me $500.00 a month which is quite a bit of money to come out of my pension check to cover medical expenses. I have some medical issues which require that I go in and see my physician or which requires that I have certain medications on a daily basis that is beneficial to my medical health. I would have to pay the $500.00 for a year until I get my 30 years in by the end of next year and my employer would provide my insurance again.

Leave a Reply

Your email address will not be published. Required fields are marked *

Search Now!

Free Medicare Guide!