Rep. Deutch Co-Introduced Bill to Offer Medicare Buy-In for Older Americans
As the national dialogue heats up around healthcare and Americans are seeking real solutions that address their long-term needs, Congressman
The Medicare Buy-In Act will lower the Medicare eligibility age to 50 years and offer the option to buy-in to Medicare, thus avoiding the increase in premiums that older Americans often face. Additionally, working Americans who wish to buy into the program would have the option to do so, and their employers could continue to contribute to their premiums pre-tax, a win-win for those employers and employees. The buy-in option will hold down costs in both Medicare and the private market.
"As
"For more than 50 years Medicare has been a reliable, efficient, and popular healthcare delivery system for older Americans and it is time to build on healthcare that works," said
"In public events and town halls across the country, the American people have spoken up and demanded solutions. They have rejected ACA repeal and they have rejected partisan bickering. That is why I have joined with Reps. Higgins and Courtney to develop a simple and commonsense solution that offers one path forward to strengthen our health care system. This proposal will give Americans (ages 50-64) the ability to buy-into Medicare should they find their current options on the private market unaffordable or unsatisfactory," said
Additional cosponsors of the "Medicare Buy-In and Healthcare Stabilization Act" include: Rep.
"As
"Instead of the dangerous and partisan approach
Medicare Buy-In and Healthcare Stabilization Act
What the bill does:
Gives Americans ages 50-64 the option to purchase Medicare. Buy-in would be available through the exchanges during open enrollment, giving people the ability to comparison shop and allowing individuals eligible for premium tax credits or cost sharing reductions to apply them toward the buy-in premium. The Medicare buy-in would also be available to individuals who obtain healthcare through their employer, allowing for employer contributions.
Who is eligible?
According to the 2010 census, approximately 58 million people in
Why Medicare?
Currently 1 in 5 Americans are covered under Medicare and the majority of Medicare recipients are happy with their coverage.
Medicare is a cost-effective program. As CMS reports, "Administrative costs in 2015 were about 2.0 percent, 1.1 percent, and 0.4 percent of expenditures for Part A (hospital coverage), Part B (physician coverage), and Part D (drug coverage), respectively."
How does it save consumers?
The buy-in option holds down costs by leveraging the buying power of Medicare. Participants could buy-into Medicare, including Part A, B and D, for an annual premium potentially as low as
Participants continue to pay into the
Includes Mechanisms to Bend the Cost Curve and Stabilize the Marketplace:
The legislation builds on Medicare program integrity efforts to fight fraud and abuse in the system that hurts the long-term solvency of the programs and harms our beneficiaries.
It also ensures the enhancement of catastrophic reinsurance, reinstating the risk corridors that expired in the Affordable Care Act (ACA) and makes the Cost Sharing Subsidies a permanent part of the baseline.
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