How Much Will You Pay for Health Care Under Medicare for All?

[What Would Jesus Do?]

We can,.. but the result will either be a system that is forced to sacrifice quality in order to accommodate more participants at the current cost,... or a system that retains the current quality levels but becomes ultimately unaffordable because a majority of the added participants won't be contributing towards their coverage.

So . . . you don't really think the US can do as well as other developed nations.

Why not?

 

[What Would Jesus Do?]

Why doesn't the " government ' just start up their own insulin manufacturing facility and sell it for cost?

Works for me.

But GOP.

There are some things government can do better. This doesn't seem like it should be one of those things. But apparently it is.

 

[What Would Jesus Do?]

New physicians are taking on huge amounts of education debt in addition to practice debt. It isn't uncommon for a new physician entering a private practice to owe $300,000+ in student loan debt in addition to needing a buy-in (sometimes an additional hundreds of thousands of dollars) to become a partner.

Seems like that schooling should be free. Or nearly so.

Aren't there deals like working for the military or PHS or setting up in rural areas that will pay off student loans for doctors? If not, why not?

I'd rather see doctors and nurses come out of school debt free and perhaps need to earn less (and charge less).

 

[Rifler]

So . . . you don't really think the US can do as well as other developed nations.

Why not?

I didn't say that, read my post again,... To rephrase, I think we can likely do as well as other developed nations with what we currently spend but the result will be viewed negatively by those of us who currently enjoy extremely good coverage,... Or we can give everyone that same extremely good coverage, provided we are willing to drastically increase spending,... Personally, I don't think we will be satisfied with the former, but doubt that we can afford the latter.

 

[claykenny]

Seems like that schooling should be free. Or nearly so.

Aren't there deals like working for the military or PHS or setting up in rural areas that will pay off student loans for doctors? If not, why not?

I'd rather see doctors and nurses come out of school debt free and perhaps need to earn less (and charge less).

For primary care, there are incentives for rural areas. Unfortunately physicians will often go to rural communities for loan forgiveness and then bolt back to the population centers once their loans are paid off for better paying jobs and better lifestyle.

Military medicine will offer some loan repayment and incentives, even for specialist. But the major barrier to this route for some is uncertainty about where you will be stationed and often having to relocate your family multiple times. I almost did Air Force, but my wife wasn't a fan of that uncertainty for our children.

The other thing that gets forgotten when discussing physician compensation is the time and ground you've lost compared to non-medicine peers with respect to lifetime earnings, savings, investments, and so forth. Sure, a specialist can make $400,000 per year but they've essentially made, saved, and invested nothing through age 33 (or so) due to schooling. Even if you reduce their starting debt, that's a big financial hole to start in compared to getting a job at, say, Google with a four year computer science degree and having 10 years of compensation while advancing to a job where you make $150,000-$300,000 at age 33.

If you decrease compensation too much, even with debt reduction, it makes the field very unattractive to the best and brightest. What we don't want is a system that not only remains expensive (albeit relatively cheaper than it is today) but also sees a significant decrease in innovation and skill and quality of care.

 

[camickle]

% of GDP is the percent of their gross domestic product they take in to the government total. So for less than 5% more in taxes they get cheaper universities and free to the patient healthcare.

I repeat. SIGN ME UP

Unfortunately, I believe that is incorrect.
Canada's system, like that of the US, relies on the smaller state (provincial) governments to run much if the structure. The federal tax is not enough to pay for all of the expenses, therefore there is also a substantial state (provincial) income and sales tax burden as well.
Here is the 2019 ‐ https://en.m.wikipedia.org/wiki/Income_taxes_in_Canada

 

[Hoosierhawkeye]

Unfortunately, I believe that is incorrect.
Canada's system, like that of the US, relies on the smaller state (provincial) governments to run much if the structure. The federal tax is not enough to pay for all of the expenses, therefore there is also a substantial state (provincial) income and sales tax burden as well.
Here is the 2019 ‐ https://en.m.wikipedia.org/wiki/Income_taxes_in_Canada

The most populous Providence is charging 5 percent for the lowest income bracket. I currently pay 3 percent in state taxes anyways. Sign me up.

 

[unIowa]

Once it's phased in - 4 years for Bernie or Lizzie, 10 for Kamala - how much will you pay?

Anybody know?

I'm on Medicare. I pay over $4000 a year for Part B, Part D and a supplemental. And then there are the deductibles and copays.

Would I still pay those things? Or would I suddenly be $4000 a year richer?

And, yes, I understand that I might pay part of that back in taxes, but still....

I'm assuming some of those costs will go away, but maybe not all. But is that true?

And what about those who are currently buying regular insurance? Or those with no insurance? Will all their costs go away, most, or just some?

We hear a bunch of bitching from well-off folks and some union types saying they don't want to give up their Cadillac plans. But I'm pretty sure they represent a tiny minority of Americans. And I know that Bernie has talked about grandfathering in some of the union-negotiated benefits. Seems to me we should be focusing more on the rest of us.

Unless you are dirty poor (in which case you wouldn't be posting here) you will probably end up paying a bit more. Medicare now is being supplemented by private insurance rates being artificially higher so service providers can make up for the losses of the medicare reimbursement rates. Once you go to single payer that supplementation goes away.

The biggest benefit the vast majority of people will experience with a medicare for all approach is career wise. Lets be honest, HC benefits keep a lot of people at a certain employer AND it keeps many people from exiting the work force or downsizing their career earlier in their life. If a medicare for all happens it looks like Mr and Mrs unIowa will be able to retire 5-10 years earlier than what would have otherwise been planned (that is if she doesn't run off with Scott Frost instead, god damn I hate the Huskers!).