Age for Medicare

[CarolynS674392]

I know a few people who would like to retire earlier, stop work or work part-time and collect social security at 62, but the darn medicare age is 65.  I know there was talk about lowering the age for medicare to 60 and I think that would be a great idea.  Has there been any work on this?

[Tempest332]

Medical coverage is the X factor for many who would like to retire early.  The Marketplace is quite expensive unless you have zilch, & at that applies, you can't afford to retire anyway.  

[CarolynS674392]

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Yes and many in their early sixties want to retire from demanding jobs and work part-time or who get laid off from good jobs that did include health coverage.  Part-time jobs usually do not have health insurance.  It is a problem.  Lowering the age would help many people.

[CarolynS674392]

And try searching for a comparable job with insurance in your 50s and 60s.

[GailL1]

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@CarolynS674392 wrote:

And try searching for a comparable job with insurance in your 50s and 60s.

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If you are filing for SS EARLY, there is not only a reduction in benefits because you are getting it early - there is also a provision in SS which allows the government to clawback some benefits if you make over $ 21,240 in a years.(2023 rate) 

From SSA.gov How Work Affects Your Benefit

If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. (Less a deduction for getting it early) If you're younger than full retirement age during all of 2023, we must deduct $1 from your benefits for each $2 you earn above $21,240.

An individual health plan on the marketplace if getting a subsidy or off the exchange if you find an individual health plan that you like and can afford seems to be the only options  until getting to 65 years old.

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[GailL1]

Not now - Trust Fund is in dire shape - last Trustee Report indicated an insolvency date of 2027. 

Actually, to solve the Trust Fund problem, it would be better IF the eligibility age was raised to at least 66 - 67 to correspond to FRA under SS retirement.

The alternative is to enroll in a marketplace plan and keep it going until age 65 when you are eligible for Medicare - 

Medicare has cost of their own -

• Part A - hospital insurance - premium free for people who have worked long enough and contributions have been made by both the employee & employer (or both parts is self-employed). If not premium free for the beneficiary it runs from $ 300 - $ 500 per month for those not eligible for premium free.
• Part B -supplemental medical insurance - covers most of outpatient stuff - premium based on income but most people pay $ 165 per month
• Part D - prescription drug program - premium based on oncome to the insurer that covers most if not all of your medication needs.  Premiums for most everybody is between $0 - $ 34.  Then there is cost sharing or copays for many meds.