With each new president, changes are made to the healthcare system. President Biden is no exception. Read on to learn about the plans President Biden has for Medicare and what President Biden hopes to achieve regarding Medicare during his tenure in the White House. Many of his goals would have to pass through Congress which makes them becoming a reality more difficult.
The Biden Medicare plan includes changes that could significantly impact the program, but it should be in members' favor. Some of these changes are expansions and additions to existing Medicare throughout the country, including New Jersey, that would make it easier to obtain care and create additional coverage.
As part of the Biden Medicare plan, the President wants to maintain Medicare solvency by lowering the Medicare eligibility to 60 instead of the traditional 65 — the typical eligibility age. Biden would finance this by using general revenues as opposed to tax monies.
President Biden's reasons that many people throughout the country are unemployed and or underemployed, thus removing their ability to seek medical care because they don’t qualify for employer coverage and can't afford private insurance. People under age 65 currently don't have access to Medicare due to the age limitations put into place unless they have a qualifying disability.
What the Biden Medicare Plan is hoping to avoid is the grim prediction that Medicare will run out of funding by 2024 - only a few short years away.
Other big changes that could directly affect you if you have Medicare in New Jersey as part of the President Biden Medicare plan include lower prescription drug costs. There has been discussions for many years to allow Medicare to negotiate the price of drugs. Additionally, the possible expansion of existing benefits to include dental, vision, and hearing included in all Medicare plans. Biden wants to make healthcare a priority in America, but funding is always an issue.
These Medicare changes have not happened yet, and if they do happen, they may not be permanent. It's too early in President Bident's presidency to see these effects of the Biden Medicare Plan put into place yet in New Jersey or anywhere else.
Many of the changes that President Biden is hoping to enact are a direct result of Coronavirus. The president has approached Congress about helping Americans defray medical expenses in any way possible, which has resulted in these new proposals.
Time will tell what will happen with the Biden Medicare Plan, but until then, you can access the 2021 Medicare handbook to stay up-to-date on the changes that have already been put into place this year that could affect your New Jersey Medicare coverage.
Want to enroll in Medicare or stay informed about changes in your state? Contact New Jersey Medicare Brokers today for help.