With the 2020 election season barreling towards us, one thing is for sure—health care is going to be one of the main campaigning topics. Several of the current hopefuls for the Democratic party, Senator Bernie Sanders and Kamala Harris are backing and touting Medicare for All. While on the Republican side such individuals as Mitch McConnell are saying that health care spending, on the other hand, needs cut.
It has long been held that Medicare, along with both Medicaid and Social Security, is the most significant expenses that the United States faces today. eHealth CEO Scott Flanders states that this is "all the more reason" why the very idea of instituting a Medicare for all is a discussion that would be “nearly irrational.”
Flanders told Yahoo Finance’s On The Move that with the commitment to our current seniors, the fund is a significant challenge to maintain. However, if you were to include 180 million more individuals, outside the employment market, the system of Medicare would quite simply collapse.
In May 2019, The Congressional Budget Office released a report that stated that to transition to any type of single-payer system of health care "could be complicated, challenging, and potentially disruptive."
As the statistics show, approximately 156 million working Americans have insurance through their employer. While another 21 million have their insurance through the private market. In Senator Sander’s proposal, all American’s would have universal health care coverage, as well as employers being prohibited from the providing of separate plans.
Yahoo Finance previously reported that this would require at least $3 trillion a year in revenue from the government, which in turn would inevitably lead to higher corporate as well as individual taxes.
Flanders also added that the bill proposed by Senator Sanders would, in fact, outlaw any and all private insurance. This would result in an estimated 180 million individual and families, currently covered by employer insurance, losing the coverage they now have.
Rising health care costs are making the subject of health care a hot button issue for the upcoming 2020 presidential campaign. A recent Gallup poll showed that 55% of United States residents continually worry and stress over the affordability and future accessibility of health care.
Flanders ended by stating that in his opinion, that the commitments that we’ve made to seniors that have paid into Medicare all their working lives, to think of curtailing those benefits is just not right.
So, what’s the verdict—you decide.
Do you think that Medicare for All is not only the way to go but actually feasible?