How Will Elizabeth Warren pay for health care?
Ms. Warren would pay for the new federal spending, $20.5 trillion over 10 years, through a mix of sources, including: Requiring employers to pay the government a similar amount to what they are currently spending on their employees' health care, totaling $8.8 trillion over a decade.
How much does the average American family spend on healthcare?
Health spending per person in the U.S. was $11,945 in 2020, which was over $4,000 more expensive than any other high-income nation.
Which country has the best healthcare system?
South Korea has the best health care systems in the world, that's according to the 2021 edition of the CEOWORLD magazine Health Care Index, which ranks 89 countries according to factors that contribute to overall health.
What country has the most expensive health care?
The United StatesThe United States: the world's highest medical expenses The United States has the most expensive healthcare system of any country. A medical consultation with a general practitioner costs, on average, $190 or around €170. A stay in hospital can result in bills amounting to tens or even hundreds of thousands of dollars.
Current & Anticipated Future Healthcare Costs
Currently, the U.S. is spending $3.5 Trillion on health care. This number however includes government insurance, private insurance, out-of-pocket consumer costs, hospital expenditures and prescription drugs.
Fantasy Health Care Math
Warren begins by selling her Medicare For All by claiming that it is actually a ‘cost savings.’ Warren claims that under the current (ObamaCare) system, healthcare costs over ten years will be $52 Trillion or $5.2 Trillion per year anyway.
Opt-Out
It is also likely that top doctors, some life-saving specialists will opt-out of government-ran Medicare for All, just like many medical providers already opt-out or don’t accept state or federal Medicare plans.
Fake Tax Cut
Warren has a fantasy claim that everyone in America will not have to pay for healthcare, but that money we are paying is really a ‘tax cut.’
Fake Healthcare Savings
Warren also insists that that her massive $52 Trillion+ tax and spend plan drives down healthcare costs, and middle-class families will save about $12,400 a year.
Medicare For All Eliminates Private Healthcare Plans
The Medicare For All plan would eliminate all private health-insurance plans: That’s 155 million to 181 million Americans would lose their existing private healthcare coverage.
Does More People in the System Drive Down Costs?
A government can’t insure more people and think that costs will go down. Obamacare forced (mandated) everyone pay something for healthcare or be subject to an additional tax penalty. Did adding all these people to a new system drive down healthcare costs? No. It had the opposite effect – costs went significantly higher.
How much does Warren's plan pay to the government?
Warren’s plan, by contrast, asks companies with over 50 employees to simply calculate their current average expenditure on health insurance and pay 98 percent of that total to the government.
What would happen if Warren's plan was implemented?
Under Warren’s plan, that company would end up paying higher fees to the government but every worker would get the same insurance plan — in effect putting the previously more generous companies at a disadvantage. In the short term this would generate more whining than actual problems.
How much did Bernie Sanders' employer contribution to health insurance in 2016?
According to the Kaiser Family Foundation, the average employer contribution for a single person’s health insurance in 2016 was $5,946. Sanders’s employer-side payroll tax would be less than that for workers earning below $80,000 a year but higher for more affluent workers.
Does it matter who pays Medicare taxes?
Economists widely believe that it doesn’t actually matter who formally pays the tax, the result in either case is to reduce workers’ take-home pay. Sanders’s vision for financing Medicare-for-all includes raising employer-side payroll taxes by 7.5 percentage points in order to raise roughly $3.9 trillion over 10 years.
Is Warren's plan favorable to Medicaid?
Compared to Sanders’s plan, Warren’s plan is more favorable to the interests of high-income earners ( the part that Sanders likes to emphasize) but also more favorable to Medicaid recipients (probably a framing she would prefer) since there’d be no extra tax on them. Her plan also generates some odd inequities.
