In United States society, Social Security is a fundamental pillar. Likewise, Medicare has become an essential service for a large part of Americans. Being able to access these two services together after the age of 65 is a relief for many families. It is possible to save a lot of money on an annual basis by combining Medicare and Social Security. That’s why something like this is so important.
Right now the Republicans have almost regained control of the House of Representatives. Because of this, some lawmakers want to overhaul the programs by making plans. Among those plans is delaying the ability to claim benefits until age 70. This will completely change the existence of Social Security, since currently you can start collecting your pension at age 62.
Under the plan drafted by the Republican Study Committee, there would be a delay of up to 5 years to start claiming Medicare. Until now, it was possible to apply for it at the age of 65. On the other hand, the Full Retirement Age would become 70 years old. Both delays would wreak havoc on many Americans’ lives, as they would be forced to start enjoying the benefits of the Gilded Age much later.
Why this delay in Social Security and Medicare?
According to CBS News, the main reason Republicans are betting on delaying Full Retirement Age and Medicare is life expectancy. Life expectancy has increased in recent years, so many retirees are living longer than before. One of the big problems in this regard is that many people with low incomes will have financial problems.
The Republican Study Committee report calling for big cuts is a piece of work. 2/ https://t.co/OePFpNKPA7
— Paul Krugman (@paulkrugman) November 2, 2022
Nancy Altman, the president of the association Social Security Works, assures that “That means that for even those people who work to age 70, you never catch up with the cut in benefits”, in addition to “It particularly hurts those in low-income, physically demanding jobs”. This refers to the fact that there are many workers who are forced to take early retirement because they can no longer work.
Altman also points out that “The cost for those 65 to 70 would be even more financially challenging, especially given the fact of the need to use more care and spend more out of pocket. Where will they find the money to pay those new unexpected healthcare costs?”
All in all, this increase in the age to claim Medicare and Social Security can be really unfair in some contexts, so this proposal by the Republicans could bring a lot of problems. We will see what will happen at the end of the day, but it could be a challenge for millions of Americans.