Tuesday, February 12, 2013

The scary numbers for pre-retirees

The AARP reports that health insurance coverage among pre-retirees is declining. The facts:

·       The number of uninsured Americans age 50-64 continues to rise, hitting 8.9 million in 2010. That’s 3.7 million more than in 2000.

·       One out of three Hispanic and one out of five African-American older adults are uninsured.

·       The share of the 50-64 age group with employer coverage declined over the last decade from 71% to 65%.

·       Individual health insurance is harder for older adults to get. More than one in five insurance applications from individuals age 50-64 are rejected.

Now that you’ve seen the numbers, let’s look at …

Obamacare and pre-retirees

The Patient Protection and Affordable Care Act is going to change the way pre-retirees get health insurance. According to AARP, the following changes will come about in 2014:

·       Insurers in the individual market must accept all applicants, even if you have pre-existing medical conditions.

·       The practice of varying premiums by age will continue, but will be restricted.

·       Medicaid will cover all non-Medicare eligible U.S. citizens under age 65 based on income, regardless of whether they have dependent children.

·       Up to 81% of the uninsured 50- to 64-year-olds may be eligible for assistance through the exchange or Medicaid in 2014.

So if you’re in that phase of your life where you can’t get affordable health insurance and you’re too young for Medicare, next year should prove a whole lot easier on you.

Whether the care you’ll receive will be compromised is another story.

Best wishes,


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