Medicare Expansion and Lowering Costs Now Act

This bill creates a Medicare buy-in option for individuals aged 50 to 64 who would qualify for Medicare at age 65 but are not yet eligible, allowing them to enroll in Medicare Parts A, B, and D with premiums based on average costs and geographic adjustments. It also establishes a new voluntary supplemental insurance program for current Medicare beneficiaries to help cover deductibles and copayments, starting in 2027, and requires the government to negotiate lower drug prices for Medicare Part D plans beginning in 2029. The legislation creates a reinsurance fund to stabilize health insurance premiums in the individual market for high-cost enrollees starting in 2025 and extends risk corridor reauthorization through 2031. Additionally, the bill increases eligibility for premium tax credits to cover individuals with household incomes up to 400% of the poverty line and repeals certain reconciliation provisions from a previous law.