Expanding Health Care Options for Early Retirees Act

Expanding Health Care Options for Early Retirees Act

This bill establishes a Medicare buy-in option for certain qualifying first responders.

Specifically, the bill allows first responders aged 50 to 64 to enroll in Medicare if they are retired or otherwise separated from service due to a disability. The Centers for Medicare & Medicaid Services (CMS) must determine enrollment periods and set premiums for the buy-in option established under the bill, in accordance with specified requirements. The CMS must also award grants to states and nonprofit organizations for outreach and enrollment activities relating to the buy-in option.

Bill 117 HR 4148, also known as the Expanding Health Care Options for Early Retirees Act, aims to provide more affordable health care options for individuals who retire before they are eligible for Medicare. The bill seeks to accomplish this by creating a new tax credit for early retirees to help offset the cost of purchasing health insurance.

Under the provisions of the bill, early retirees between the ages of 55 and 64 who are not eligible for Medicare would be eligible for a tax credit to help cover the cost of health insurance premiums. The amount of the tax credit would be based on the individual's income and the cost of health insurance in their area.

The bill also includes provisions to help lower the cost of health insurance for early retirees by allowing them to purchase coverage through a new health insurance marketplace specifically designed for this population. This marketplace would offer a range of health insurance options at competitive prices, making it easier for early retirees to find affordable coverage. Overall, the Expanding Health Care Options for Early Retirees Act aims to address the challenges faced by individuals who retire before they are eligible for Medicare and struggle to afford health insurance. By providing tax credits and creating a new health insurance marketplace, the bill seeks to expand access to affordable health care options for early retirees.