Saturday, January 26, 2019

They say 5% of population accounts for 50% of medical cost in USA.

Interesting show about the various "Medicare for All" proposals. What would they cost? How would they work?

One thing mentioned in the show that stood out in my mind is this. Only 5% of our population accounts for 50% of all medical expenses. It's inhumane, but easy to think, under our present system, that fiscal conservatives are tempted to just cut off that 5%; like euthanize 5% to benefit the 95%. For instance the situation with insurance companies and preexisting conditions.

On the other hand, Medicare for All would mean higher taxes, but for most people it could be a savings as it would also mean not having to pay health insurance premiums; a savings for low to moderate income folks.

For wealthy and upper middle class folks, it could mean a loss over the present system. They wouldn't owe insurance premiums, but their taxes would be a lot higher since taxes would likely be graduated by income.

For some medical professionals, it could mean a loss of income as single payer would be better at holding down medical costs. USA has the most costly healthcare system in the world.

In some cases, Medicare for All might still mean paying premiums as there are different versions of our current Medicare system; such as Medicare Advantage. Our current Medicare system, that is for seniors, is not necessarily all single payer. It also includes a lot of the hybrid public / private plans such as Medicare Advantage.

There are a lot of different versions of Medicare so there are various versions of Medicare for All proposals.