Changing age for Medicare could save $113 billion but leave seniors to fend for themself
Chen Wang, Deseret News
Changing the eligibility age for Medicare from 65 to 67 could save Americans $113 billion over 10 years, but some say there are better ways to cut costs, according to a Bloomberg article.
In addition to saving money, moving the age would encourage Americans to retire later. It would, however, create some difficulties for 65 to 66 year olds and their employers.
“The greater ambition is a humane, effective and efficient health-care system — public and private, subsidized and not. Any changes to Medicare should endeavor to bring the U.S. closer to this goal,” the writers of the editorial board said in the article.
Changing would make this group pay for its own health insurance. The cost is typically more expensive than Medicare, making the net effect more expensive for health care.
Rather than changing age eligibility, President Barack Obama proposed Medicare could save by not overpaying hospitals for medical residencies. Raising premiums charged to higher-income beneficiaries could save $28 billion.
If drug makers were required to have Medicaid-level rebates for medicines for those who also qualify for Medicaid, $135 billion could be saved.
There are four other proposals along with changing age eligibility that were most popular in 2012. Combining the two-part insurances and creating a single deductible could place a limit on out-of-pocket costs to users, according to an article with WPS Health Insurance.
Other suggestions include increasing copayments on certain services like home health care, offering premium support options and cutting payments in doctors' reimbursements.
- 25 states with the lowest levels of personal...
- 5 ways to save money, improve quality of life...
- Why you must teach your children about money
- Who’s the boss of your finances?
- 9 startup companies perfect for your family
- U.S. economy grows at scorching 4 percent in...
- BYU grad strikes gold teaching via online...
- Things are looking up in the economy, but not...
- Dave Ramsey says: Don't leave an estate... 13
- U.S. economy grows at scorching 4... 12
- BYU grad strikes gold teaching via... 12
- Dave Ramsey says: Don't touch that 529... 8
- Study: 35 percent in US facing debt... 5
- Consumer index climbs to record level... 4
- Plan to simplify 2015 health renewals... 2
- Study: 35 percent in US facing debt... 2