You have probably heard about Medicare for All a few times in the recent past, but do you really know what it means? This medical plan was developed by Senator Bernie Sanders. Keep reading to find out what it is and how it would change the American healthcare center.
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This plan was developed following the successes of Medicare and Affordable Care Act (ACA, or “Obamacare”). Senator Sanders came up with the idea after finding out that about 29 million Americans were unable to access ACA health insurance. He felt that most of the existing policies have high deductibles and co-payments and they do not necessarily offer sufficient coverage.
What Would Medicare for All Cover?
- Prescription medicine
- Addiction and mental health services
- Both inpatient and outpatient health services
- Medical supplies and equipment
- Preventive, emergency, and regular health services
- Oral, vision, and hearing services
- Specialty healthcare services
- Primary healthcare
What Impact Would It Have?
Medicare for All would radically transform the American healthcare system. As it is, healthcare is linked to employment. This means that those who are not employed may have trouble getting the health insurance they need. This plan would make it possible for every American citizen to get health care from any healthcare provider without paying out of pocket. Self-employed, jobless, and stay at home parents would all have access to medical care.
But if it sounds too good to be true, it’s because it might be. For one, the health insurance industry would be largely supplanted by the government, which would become the defacto insurance company. While this could create a simplified system, the government is also known for creating hugely inefficient bureaucracies. When the last time you had a great experience with the DMV or IRS? Not to mention that the hundreds of thousands of Americans working in health insurance would be forced to look for other work.
And that’s not even the real problem. With everyone in America that is eligible for Medicare receiving coverage, the cost would skyrocket. There’s a reason insurance companies do not insure everyone. The government would have to raise taxes. While raising taxes of the super wealthy is a popular idea, the truth is that the government could take virtually all of their income, and still be well short of the cost of Medicare for All.
No one has quite put forth a specific plan on how the cost of Medicare for All would be achieved.
How Would It Work?
Every citizen would need to have a card which they would show whenever they need medical products and services. The revenue would come from various sources including; income-based premium from employees, Savings from health-related expenses, an income-based premium from households which earn over $28,800, income from new Responsible Estate Tax, and more.
So while many politicians may seem serious about Medicare for All, how the numbers would work isn’t clear. Don’t hold your breath for Medicare for All anytime soon.
Do you need Medicare or need to talk with someone about medicare supplemental plans?
Call our risk free medicare helpline for assistance (877) 411-7844
What to read more about the Affordable Care Act? Here’s an article of the 2019 Health Care Penalty for your taxes