With the exception of the government, everyone will pay more money for medical insurance and medical benefits if the medicare age is raised to 67. A number of years ago, the Social Security retirement age for individuals born in 1960 or later was raised to 67. At the time they raised the social security age, they left the medicare eligibility age at 65.
47 Million Americans Receiving Medicare Benefits
There are more than 47 million Americans receiving medicare benefits today. These benefits impact on seniors, as well as disabled individuals. Most experts believe the current medicare system is simply unsustainable given it’s current structure.
If medicare benefits are raised to age 67, seniors who are 65 and 66 will be paying for two more years for their health insurance. If they stay at work their employers will pay more for their health insurance. There are estimates that raising the medicare age to 67 by the year 2014 will cost employers over 14 billion dollars a year. Even young people buying medical insurance will pay higher premiums because some of their premiums will be subsidizing the older members on their medical plans.
President Obama’s Health Care Plan
Many of the assumptions about medicare assume President Obama’s health care plan will go into effect and not be modified by Congress or struck down by the courts. The costs of raising medicare eligibility to 467 may be high, but it is necessary! Americans are living longer. The program is now based on young Americans supporting older Americans that are receiving benefits. As the graying portion of our population increases, there will be too many seniors for the next generations to support. Raising medicare benefits to age 67 is a step in the right direction.
The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issuesfor more than thirty years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children.