By Jon Dougherty
(NationalSentinel) Sen. Bernie Sanders’ “Medicare for all” scheme in which he would replace all private health insurance with a full-on socialist system administered by government bureaucrats would have a negative impact on those he claims to want to help most: America’s poor.
In addition to poor people, those on private plans will also suffer losses in coverage and benefits that they currently have — which Sanders has refused to address on the campaign trail — according to an analysis by Bloomberg.
“People who have health care under Medicare for All will have no premiums, no deductibles, no co-payments, no out-of-pocket expenses,” Sanders said during last week’s Democratic debate. “Yes, they will pay more in taxes, but less in health care for what they get.”
But the analysis found that most of the roughly 181 million Americans currently getting their health insurance from their employer would pay more overall if their taxes increased by $10,000:
Many of the 181 million taxpayers with employer-sponsored coverage are likely to see their taxes go higher than their current health care spending, because about 56% of their medical costs are covered by their company, according to the Milliman Medical Index, which tracks annual health care spending.
For example, a person making $50,000 with employer-sponsored coverage spends about $5,250 annually on health care, meaning that under Sanders’s plan, her or his taxes would be nearly double the personâ€™s current health care costs. If that person bought her or his own insurance, it would cost about $10,000, equalizing the $10,000 tax increase.
The plan would also negative impact Americans currently on Medicaid. According to the Kaiser Family Foundation, a family of four bringing in $30,000 spends about $1,200 on health costs annually. But under Sanders’ plan, the new tax burden even on those earners would cost more than they would save on healthcare expenses.
In addition, theÂ Washington Free Beacon reports:
Studies estimate Sanders’s Medicare for All plan would cost more than $32 trillion over the next 10 years, which is roughly 150 percent of the current national debt.Â Bloomberg reported health care experts fear the cost could be even higher, given his proposal “assumes that healthÂ providers will be reimbursed at Medicare rates, about 40 percent below what they receive from private insurers.”
Manhattan Institute senior fellowÂ Brian Riedl toldÂ Bloomberg “there are likely to be a lot more losers than winners” under the plan favored by the socialist senator from Vermont.
The Bloomberg analysis also gave an example of a two-income family of four making $100,000 a year in which one family member was in poor health: If the family was covered by employer-obtained health insurance, they would lose under Sanders’ Medicare for All:
A family of four with two incomes that total $100,000 who buys insurance on their own and has at least one member in poor health spends about $30,400 on health costs annually, according toÂ estimatesÂ from the Kaiser Family Foundation. An identical family that has employer-sponsored health care spends $15,000 annually.
Under Sanders’s plan, the family who buys insurance on their own could pay $20,000 in additional taxes but come out ahead. If they had insurance provided through their jobs, thatâ€™s a $5,000 net loss.
This matters because Sanders is still polling within the top tier of 2020 Democrats. With a Democrat Congress, adoption of a full-on socialist system like this — which would fail miserably and become prohibitively expensive — would become a certainty.
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