There has been significant media coverage of the Medicare overhaul that is will impact recipients. What is important to note, and has not been a major focus, is the effective dates of the premium support program.
Beginning in 2022, the current Medicare system would be converted to a premium support system. At the same time, the Medicare eligibility age would increase by two months, and continue to do so until 2033. Those that reach age 65 or are eligible for Medicare as a result of disability will begin to enroll in the premium support program.
Individuals who have attained age 55 by the end of 2011 or are disabled and receiving Medicare benefits will continue to participate in the traditional Medicare program. In 2022, these recipients may transfer to a premium support program.
It’s easy to see why seniors, and many others, are confused. As a financial advisor, it is important to follow this proposal and keep your clients up-to-date with what is happening in health care.
For additional information, contact Ellen at EAB HealthWorks.