Elder law attorneys pay close attention when lawmakers talk about making changes that impact senior citizens. Medicare is an extremely important piece of the retirement planning puzzle, and any movement with regard to the guidelines is going to be big news.
We are hearing a lot of chatter about a reduction in the Medicare eligibility age, and we will take a look at the details here.
Expansion of Coverage
When you work and pay FICA or self-employment taxes, you get something in return of your contributions. In 2021, for every $1470 you earn, you are awarded one retirement credit, and you can accumulate a maximum of four per year.
After you have 40 credits, you will qualify for Medicare when you reach the age of eligibility.
We should point out the fact that a married person that did not accumulate the 40 credits can qualify on their spouse’s work record.
President Biden has asserted his support for a reduction in the Medicare eligibility age. He would like to see it go down to 60, and Senator Bernie Sanders is pushing for a plan that could reduce the age to 55.
In addition to the age reduction, Sanders has another idea. He wants Medicare coverage to expand to include dental, vision, and hearing care. It would be paid for by negotiating lower pharmaceutical drug prices for Medicare beneficiaries.
With regard to the prices, Americans pay considerably more for prescription drugs than people in other countries.
According to a study that was conducted by the send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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