Now I'm sure many of you have heard of Medicare for all. In this post I will address three of the big concerns that many people express. One interesting fact is medical bills are the leading cause of bankruptcy in America.
Healthcare costs are spiraling out of control. How can a single payer healthcare system like Medicare for All control costs?
As of now $503,000,000,000 annually is spent on bureaucratic costs. This is due to the fact that our billing system is so fragmented and complex, which can be eliminated with a single payer system.
No more money would be spent on advertising which is where 15% of insurer's operating costs come from. This adds up to $30,000,000,000
Single-payer health insurance will be able to negotiate better prices on drugs and services. The competitive and fragmented health insurance scene right now makes it hard for companies to negotiate prices. Medicare is also banned from negotiating prices an d medicare for all would eliminate this ban.
How do we pay for Medicare for All?
As of now the US spends $3.5 trillion a year on our healthcare system that is riddled with so many issues.
Two studies have been conducted on Medicare for All cost and both are lower than the amount spent on health care right now. The first one, from a university, estimated it to be $2.9 trillion. The second one, from a liberal think-tank, estimated it to be $3.2 trillion.
As of now $1.88 trillion is spent by the federal government each year on health care. This means only $1.05 trillion needs to be raised for this program.
The extra money can come from Payroll taxes, a more progressive income tax structure, a national sales tax with exemptions for necessities, repealing the Trump tax cuts, a tax on Wall Street transactions, and a wealth tax are just some of several ways proposed to fund the program.
Finally, instead of paying premiums to for-profit insurance companies the money will come from increased taxes.
How will Medicare for All ever get passed?
Currently 70% of Americans support Medicare for All and dominates money conversations of health care in America.
Nothing big has ever been passed without a mass movement supporting it. This means people will need to go out and advocate for this topic.
This can be done through social media, protests, writing to local papers, just anything to get the word out there and gather support. Everyone can play their part including you.
These were three of the big concerns people have with Medicare all coming from the FAQ section of National Nurses United Medicare for All section. If you have even more concerns the link to this site is here: https://medicare4all.org/about/#1579909961524-3efffe04-6e39
National Nurses United. “Frequently Asked Questions.” Medicare For All, National Nurses United, 25 Jan. 2020, medicare4all.org/about/#1579909961524-3efffe04-6e39.