Last week, the Congressional Budget Office released a new study, requested by SenSanders, chairman of the Senate Committee on the Budget, examining the effects of a policy that would lower the age eligibility for Medicare from 65 to 60.
Last week, the Congressional Budget Office released a new study, requested by Sen. Bernie Sanders , chairman of the Senate Committee on the Budget, examining the effects of a policy that would lower the age eligibility for Medicare from 65 to 60.
Policymakers assume expansion of Medicare would come in 2026, when the Hospital Insurance Trust Fund that provides money for Medicare Part A is projected to become insolvent due to rising health costs and increased unemployment rates. The program has been financed through payroll taxes and taxes on Social Security benefits.
"This policy adds $146 billion in cost to the Part A trust fund between 2026 and 2031. By 2030, the trustees report estimates HI will be $335 billion in the red. No one knows what happens when the trust fund is no longer able to cover its expenses, but generally, experts either expect across-the-board cuts or delayed payments. Adding over 40% to this figure can only make a bad situation worse," he said.
"The CBO estimates that within the newly eligible group, 1.3 million Americans are currently uninsured and that 70% of these would enroll in Medicare Parts A and B. However, CBO only estimates the uninsured rate would decrease by only 400,000," Webb added.
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