Medicare for All Explained
Medicare for all would mean a single-payer health plan for all, run by the government. Currently, Medicare is a federal program that provides health coverage to those 65 years and older.
Medicare For All-Pros and Cons
The biggest benefit to Medicare for all is that the government covers the expense for healthcare while ensuring doctors provide reasonably affordable quality care.
However, the biggest downside is that healthy people will essentially pay for the medical care of unhealthy people. Although we all know, health is wasted on the young.
Universal healthcare comes to a healthier society and workforce. Preventative care will reduce the need for costly emergency room visits.
- Coverage for all
- Providers receive equal pay
- Spending leverage for lower rates
- Private care if you wish
- Medicare and Medicaid are single payer systems.
- Providers can choose only private pay options unless mandated differently
- Doesn’t solve the shortage of doctors
- Increases the government size
- Health insurance costs may not totally disappear
Medicare for All Costs
Most of us can agree that a single-payer healthcare system would cost the government a tremendous amount.
According to Bernie Sanders website, his “Medicare for all” is estimated to be $1.38 trillion annually. However, the costs for many average American families will be much less than the affordable care act.
It’s possible for the plan to have no copayments, no deductibles, no lifetime limits as well as much lower drug prices.
Medicare for all would be paid for by:
- 6.2% income-based health care tax paid by employers
- 2.2% income-based tax paid by households
- The progressive income tax rate
The Marginal income tax rates would become:
- 52% on incomes above $10 Million
- 48% between $2 Mil and $10 Mil
- 43% on income between $500,000 and $2 Mil
- 37% between $250,000 and $500,000
This bill also states funding would be from taxing capital gains as well as dividends just like income. Additionally, limit tax deductions from the rich and add a “responsible” estate tax.
Moderate- and high-income voters worry “Medicare for all” would mean terminating their current insurance and paying a higher tax. Although, for some that could be the case.
Medicare for All Explained
Medicare for all would replace the Affordable Care Act and provide everyone with healthcare.
Funding of this program would come from public funding much like Medicare as well as Medicaid.
So, in the under 65 health care market today you have multiple insurance payers, profit-oriented, and inefficient. However, with “Medicare for all” you would have a single, nonprofit, public payer.
For many Americans, premiums would disappear. Co-payments, deductibles as well as doctor networks would all become a thing of the past.
Doctors could have autonomy over patients again, and healthcare quality would improve.
Medicare for All Benefits
Imagine having all medically-necessary care in one national plan.
You could receive coverage on things like:
- Primary Care
- Dietary and nutritional therapies
- Inpatient and outpatient care
- Emergency care
- Long term care
- Mental services
- Substance abuse treatment
- Durable Medical Equipment
- Basic dental, vision and hearing
- In addition to so much more!
This is the peace of mind that you want when it comes to your healthcare. You can change employers and still have coverage. You could take a leave of absence and still have coverage.
Additionally, wait times would be minimal. This has been demonstrated in and outside the United States.
The Elimination of Medicaid
Medicare for all would eliminate Medicaid; Medicaid is the largest health insurance program in the U.S. Medicaid is larger than Medicare or the ACA, covering over 73 million Americans.
These beneficiaries would lose their coverage with Medicaid or CHIP and obtain Medicare for all coverage. Although, the needs for those that are on disability, have recently been incarcerated, or have low income are still issues to be addressed.
How Does Single-Payer Healthcare Work
A form of universal healthcare that is financed through taxes. This coverage would cover essential healthcare for all, and costs would be covered by a single public paying system.
Canada uses a single-payer system to contract healthcare services from private organizations. Whereas the United Kingdom owns and employs healthcare resources and personnel.
Single-payer only means the healthcare is being paid by a single public authority. This kind of system will pay for all healthcare-related services if covered.
A single-payer, the universal healthcare system will allow you to see any doctor or hospital you want, no more networks and no more out of network fees.
With one non-profit agency, accountable to Americans, we can have simple coverage with minimal costs.
Medicare for Many
Medicare buy-in bill would allow those under 65 to purchase a Medicare or Medicaid plan. This type of plan could cover around 80% of your medical costs and require federal expense.
“Medicare for more” or “Medicare at 55” could the steppingstone to “Medicare for all”.
Although approximately 70 percent of Americans say they support “Medicare for all” in a recent poll. 85 percent of democratic party members agreed with the new legislation as well as 52 percent that identified as Republicans.
Medicare for Everyone
With 32 out of 33 developed countries having some form of universal healthcare, it’s not surprising the United States is pushing for Medicare for all.
There was a time when people were going to the emergency room for basic care because they didn’t have coverage and other places would turn away.
Universal health coverage could offer every American with affordable, reasonable care.
The biggest tax will be on those making more than 10 Million dollars a year. The average American; however, will see lower copays and better coverage.
In addition to better coverage, the efficiency will be maximized. With only one public agency run by regional boards, there will be higher job satisfaction for doctors.
When doctors are happy, patients can be happier and healthier. More students will want to be doctors.
People currently receiving free-market healthcare in other countries pay less than half the cost, they get quality healthcare their entire lives and they have peace of mind knowing they’re covered.