How Will We Pay for Universal Health Care?
Redirect wasteful spending: An estimated $1 trillion of U.S. health care spending was wasted in 2016, 33% of overall health spending. Private insurance accounts for more waste than government-run plans such as Medicare and Medicaid.
Redirect the money we now pay to insurance companies for premiums, copays, co-insurance, deductibles, and business matching into one nonprofit payment system. We already pay a lot! And the insurance companies make millions off of us.
With universal care, we could have the power to negotiate lower prices for prescriptions drugs, medical devices, and medical goods—a savings that could extend to hospitals because an aspirin in the hospital should not cost $75.
A centralized and simplified billing system would cut on fraud and waste. Health insurance bureaucracy adds about 20% to health care costs, whereas Medicare operates with just 2% administrative cost.
People who now have insurance would pay a lot less for the same services. On average, people with insurance pay 160% more for hospital services than under a single payer system. People with insurance, not the government, are paying for the waste in the health care system.
People who are currently uninsured, under-insured, and/or spending extremely high amounts on health care.
Employers would pay less; have predicable payments without large annual increases, and save administrative time because they would not be responsible for purchasing and supervising insurance.
Providers are not a major cause of high health care costs. Doctors and other medical practitioners would be able to focus on their patients and have fewer administrative tasks.
We all save when everyone’s in
The savings from cutting waste and extreme corporate profits is great enough that everyone can be covered, providers can continue to make a good living, and employers and all Coloradans will spend less for health care.