Could quality and affordable care be out of reach?
Medicare for All has emerged as a defining issue in the race for the White House. Several Democratic contenders have expressed support for expanding Medicare to cover all Americans. While this sounds like a plausible and ultimately wise step in the right direction, does it sound better in person than it is in practice? Medicare for All has the possibility of taking away existing health insurance coverage from tens of millions of Americans – and deprive them of any say over their health care. What’s more, in exchange for sacrificing control of their health care, Americans would pay trillions of dollars in new taxes.
Senator Bernie Sanders’s Medicare for All Act would do exactly what the title says – enroll all Americans in a new government-run health plan. No one would have a choice in the matter and the bill would outlaw private insurance coverage. That means everyone with an employer-sponsored insurance plan, a policy from the individual market, and a privately administered Medicare Advantage plan would find themselves with a new one-size-fits-all government plan.
The federal government would then assume the responsibility for the healthcare bills for the entire country. Experts state that this would come in at roughly $32 trillion over its first decade. As a result, the large tax hike that would need to be implemented are deeply unpopular with the public. Six in ten Americans oppose Medicare for All once they learn it will require tax increases.
The bill envisions paying healthcare providers at Medicare’s existing rates, which are 40 percent lower, on average, than those for private insurance. Doctors and hospitals can’t simply absorb those kinds of pay cuts. Many healthcare facilities, especially those in rural areas, will close their doors, unable to cover their costs under the new payment schedule.
Medicare for All is not the only way to ensure universal access to health insurance. In fact, it’s the most expensive, most complicated, most disruptive way there. Medicare for All could result in quality care for no one.
Do you have questions regarding your health insurance? Then don’t hesitate to contact the experts at Donald Weiss Insurance Services. Our dedicated team is ready to assist you with all your insurance needs.