Final answer:
The 'grace period' for individuals age 64 and older is often associated with Medicare enrollment, encompassing a 7-month period around their 65th birthday. The term may also reference changes to full retirement benefit eligibility, which has incrementally increased from age 65 to 67 by 2027.
Step-by-step explanation:
The grace period for individuals who are age 64 and older can refer to several aspects within U.S. social welfare systems, especially pertaining to retirement and health insurance benefits. It's important to clarify what type of grace period is being referenced. However, one widely recognized grace period is associated with health insurance through Medicare, where eligible individuals can enroll three months before turning 65, the month they turn 65, and three months after. This 7-month period is often considered a grace period for enrollment.
Moreover, the Social Security Administration has implemented changes to the age of eligibility for full retirement benefits. Initially, the eligible age was 65, which was increased to 66 in 1983 and this change took effect in 2009, and will increase further to 67 by 2027. Such adjustments are examples of policy changes focused on the aging population, which is an influential demographic given their high voter turnout rates and active political engagement.
In terms of specific dates, these policy changes manifest themselves through a gradual increase in retirement age depending on birth year, and they are detailed in resources provided by the Social Security Administration.