Questions I have about the proposed medicare buy-in

[Kber]

Let me start by saying I am "cautiously supportive" of the concept for a few reasons.
1. The "foot in the door" argument that once one group can buy into medicare without bankrupting the system that it will be easier to make the case for allowing buy-ins at an ever younger age.

2. The "Employment boost" argument that some (but by no means most) 55+ people may be able to afford to retire if they could purchase health care at a reasonable cost. Some of that subset of that group may choose to retire early, therefore opening up the job market, and access to employer sponsored plans, a bit. Other experienced professionals may be more willing to try consulting if they have a source of health insurance that they can rely on, which may both open existing jobs and create new ones.

3. The greatest need argument that the 55+ age group (of which I am not yet a member) has the hardest time finding health insurance at a reasonable cost and therefore helping this subset of the population meets an urgent need.

However, I have a some questions that, to date, I don't think anyone can answer, but hopefully the details will be available soon.
1. Who will really be eligible? Will it be anyone age 55+, regardless of income or access to other insurance?
2. When will the program kick in? I've heard a June, 2010 date on MSNBC, but nobody really knows, I think.
3. How much will the premiums be and will assistance be available to those who need it?

I think the answers to those questions will determine if this is indeed a good deal, or a sham.

Thoughts?

[TheWraith]

1. As much answers as I can give you.

1. Nobody knows. The deal as currently struck is still pretty cryptic, so there's few details available.
2. Nobody knows. See above.
3. Premiums... costs would probably average in the $5000 to $7000 a year range.

[Kber]

2. Just curious - what are you basing your premium estimates on

I've seen similar predictions elsewhere as well.

KB