Age 64 Alert Republican health proposal may mean you work longer and save less for retirement

Older pre-Medicare Americans will have to pay more for health insurance and health care should the Senate’s bill to repeal and replace the Affordable Care Act (ACA) — the Better Care Reconciliation Act (BCRA) — become the law of the land.

What’s more, older Americans may have to reduce the amount they save for retirement, or use retirement funds to pay for current health-care needs, or keep working to age 65 if only to keep their employer-sponsored health insurance plan.

Number of people to lose coverage
The Senate bill would increase the number of people who are uninsured by 22 million in 2026 relative to the number under current law, slightly fewer than the increase in the number of uninsured estimated for the House-passed legislation, according to a Congressional Budget Office (CBO) report released on Monday. By 2026, an estimated 49 million people would be uninsured, compared with 28 million who would lack insurance that year under current law, the CBO says.
What’s more, the increase would be disproportionately larger among older people with lower income—particularly people between 50 and 64 years old with income of less than 200% of the federal poverty level, the CBO wrote.

Under the House bill, the American Health Care Act (AHCA), the CBO estimated that more than five million older adults ages 50-64 would lose health insurance.
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Fall is right time to rethink your Medicare drug plan options

Each September, enrollees in Medicare prescription drug and Advantage plans receive letters from their insurance companies detailing any changes in coverage for the year ahead. Called the Annual Notice of Change, the document is well worth reviewing, because it arrives just ahead of the annual fall plan open enrollment period, which runs from Oct. 15 to Dec. 7.

In many cases, the letter should be a wake-up call to re-shop coverage, especially where Part D drug plans are concerned. These plans often change their premiums from year to year, along with their rules for cost-sharing, coverage of specific medications – and even whether a specific drug will be covered.

HOW TO SHOP PLANS

The best starting point for shopping plans is the Medicare Plan Finder at the Medicare website (bit.ly/1AezyE7). Plug in your Medicare number and drugs (you will need each drug’s name and dosage). The plan finder then displays a list of plans that match your needs, including their estimated total cost (premiums and out-of-pocket expenses); which drugs are covered; and customer-satisfaction ratings. The finder also will give you advice about drug utilization and restrictions.

If your drug needs are complicated, a range of expert help is available.

State Health Insurance Assistance Programs (SHIPs) provide free counseling on coverage options (click here to find your local SHIP bit.ly/1OU0sfN). The Trump administration and congressional budget writers have proposed to eliminate SHIP, but any cuts – if they do come at all – will affect this fall’s enrollment season.

The Medicare Rights Center also offers free counseling by phone (1-800-333-4114).
Finally, if you are willing to pay to obtain expert help with plan selection, hire an independent, fee-based counseling service such as Allsup Medicare Advisor (here) or Goodcare (bit.ly/2yHKL4J). For a few hundred dollars, these firms will provide a written, personalized plan analysis and offer phone consultations.