Baucus’ Baby Boom Buy-In
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There are over 5.1 million uninsured Americans between the ages of 55 and 64. Given the current economic climate and increasing unemployment rate, that number is sure to increase as employers lay off baby-boomers to cut the costs of providing them with benefits.
Senate Finance Committee Chair Max Baucus (D-Mont.) proposed a plan for health care reform last November that allows Americans ages 55 through 64 to buy into Medicare. Baucus’ plan would allow members of that age group who are currently uninsured or who have lost their employment to pay a monthly premium and receive Medicare benefits.
Sunday’s Charleston Gazette examined Baucus’ plan to allow 55- to 64-year-olds to buy into Medicare.
The idea has been around for years, but it has gained new currency as the recession deepens and a Democrat-run Congress and White House begin to discuss health-care reform.
Advocates of an early Medicare buy-in say it would complement other entitlement reforms because it would keep older workers healthy and productive longer and help rein in government spending over the long haul,
said The Gazette.
Suddenly, The Gazette reports, the notion of buying into Medicare has friends in high places due in part to the current economic turmoil and the imminent aging of the largest sector of the U.S. population, the Baby Boomers.
Earlier this year, we reported that COBRA is unaffordable for many unemployed individuals. While the Medicare buy-in plan would still cost several hundred dollars per month, this is substantially less than the average cost of COBRA.
Baucus said the buy-in option would remain available until the government develops a more comprehensive plan to address health care reform for the 46 million uninsured Americans.
Senator Baucus is becoming a rising star in the debate over health care reform. Kaiser reports that Baucus plans to introduce comprehensive health reform this summer.
Said Baucus,
Now it’s time to move from first steps to giant steps. There’s never been a better moment. The stars are all aligning. … I don’t know if any president has been as committed as President Obama.
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