Universal Healthcare: Does it Cost More or Less than Private Insurance in the United States?

When I was working, I paid between 3000 to 3500 per year for my National Insurance Healthcare tax. In return, I received comprehensive coverage from cradle to grave, including everything from doctor's appointments to minor injuries and even cardiac surgery. There were no copayments, and the only additional expenses were for dental and optical care, with prescribed medicines costing a fixed rate of around 15 dollars, regardless of actual cost. Now, in retirement, I pay nothing except for dental care and prescription spectacles.

Cost Analysis: Universal Healthcare vs. Private Insurance

The data suggests that universal healthcare would be cheaper. The current insurance system in the United States is a for-profit operation, while shifting to Medicare for all would reduce the cost of medical care by the profits that insurance companies make. A single-payer system would be more efficient and cheaper, resulting in better healthcare outcomes.

Irony in the Current Healthcare System

Two-thirds of the U.S. population is on private insurance, which costs on average 6500 per capita, while one-third is on public insurance. Public insurance, run by the government, accounts for 2/3 of healthcare spending, which is a significant difference almost four times higher than the spending on private insurance. A private universal healthcare (UHC) system, like in Switzerland and the Netherlands, would indeed save money.

Medicare for All and Cost Estimation

Unfortunately, the push for a fully government-run program has encountered various obstacles. In 2019, Senator Elizabeth Warren, an economic expert, and her associates estimated the cost of a Medicare for All system. According to their estimates, the operational cost over 10 years would be 52 trillion dollars. This translates to:

In 2020, the U.S. healthcare spending was 4.1 trillion dollars, so this proposal represents a 1.1 trillion dollar increase to go to Medicare for All. The per capita cost would increase from 12530 to over 15000 dollars, a 2500 dollar increase per person.

Conclusion

While the transition to a Medicare for All system might require a significant financial investment, it would ultimately save most people hundreds or even thousands of dollars per year. The current system is rife with inefficiencies and profit-driven motives, leading to costly and often substandard healthcare. Shifting to a single-payer system would streamline the process, reduce costs, and provide better quality healthcare to all Americans.