Nearly 62 million Americans are enrolled in Medicare for all as of December 2019. Medicare is a major concern in some circles. What is the true status of Medicare now?
Is it bad, good, or somewhere in between? What would happen if Medicare was removed from the system? Does this guide take an in-depth look at both the pros and cons of Medicare?
Medicare for All Means Universal Care and Coverage:
Medicare for all has worthy goals. The most obvious benefit is that everyone should have healthcare coverage without worrying about the direct cost of insurance, copays, or deductibles.
Out of pocket cost is often a hurdle to care. Other pros of Medicare for All would have a healthier population. There would be fewer financial friction points in managing the appointments, seeking out preventative care, and filling precipitations.
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When all US residents are given access to healthcare, it will impact the diagnosis and treatment of conditions like heart disease, diabetes, or certain cancer. In this article, we are going to discuss the pros and cons of Medicare for all.
Pros of Medicare for All:
Let’s have a look at some of the pros of Medicare:
Medicare Provides Health Coverage to Low-income Families:
In many cases, Medicare works, especially they were able to receive health care coverage when they can’t afford it. It also covers many younger Americans having disabilities who may not get healthcare. Consider its implications if Medicare does not exist.
Other older Americans who typically need the most medical treatment will find themselves paying more money directly out of their pockets. The total paid every year exceeds their annual income.
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Individuals with disabilities are dependent on their caretakers who may or may not be able to afford medical care. Medicare is beneficial because it covers so many people.
Increased Medical Standards:
With the creation of Medicare and Medicaid, Congress created a set of standards for enrollment in programs. As time passes, the government becomes more involved in looking over these standards. Thus it requires public reporting on things such as hospital infection rates and readmissions.
This accountability in public hospitals forces them to perform due tasks in many ways. When hospitals find out that they are not as good as other hospitals, they are serious about making improvements in health services provided by them.
Then they need to find out what good practices need to follow and get good results.
Medicare Costs Very Little:
In general, Medicare enrollees qualify for free part A but must pay a small out of pocket amount for part B. This number estimated cost is about $135.50 per month. When you compare this amount to the out of the pocket cost of prescriptions, operations, and other associated costs, the savings, in turn, are huge.
Lead to Prescription Innovations:
The inception of Medicare created a huge market for drug companies. Millions of Americans have found access to prescriptions; otherwise, they would not have.
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When pharmaceutical companies saw untapped potential in the Medicare market, they began to invest billions of dollars needed for the development of drugs.
While millions of Americans are receiving Medicare prescription and drug benefits as it provides pharmaceutical companies more opportunity to develop drugs for this market.
Medicare offers Additional Coverage:
In this way, more and more Americans enrol in the Medicare yearly plans and this enrollment is expected to keep growing in the future also. It also offers beneficiaries an alternative way to get Medicare for all benefits through executive plans sold by private insurance companies that contract with the centre for Medicare and Medicaid Services(CMS).
You can also get Medicare program benefits of hospital insurance part A and medical insurance plan B. However, and Medicare also provides you with additional benefits such as dental and vision care at a minimal cost.
These services are also necessary for old Americans; otherwise, they would suffer.
Cons of Medicare for All:
Now we will talk about some cons of Medicare for all.
Hospital Cost a Lot:
Even for those already enrolled in this Medicare, hospital stays can be incredibly expensive, even running into thousands. This also highlights several other important issues.
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Many of those on Medicare suffer from preventable conditions and get hospitalized for those conditions. This places an increased burden on hospitals which leads to increased prices across the board for all the patients.
While Medicare helps those, who are struggling to afford their medical expenses. It also creates a strain on the overall healthcare system in the United States.
Medicare has a High Administrative Cost:
Currently, Medicare is spending about $731 billion and covers about 15 per cent of the overall federal budget. This number is expected to get smaller, and the overall percentage is going to increase by around 18 per cent over the next decade.
When you consider that this amount could be spent on other valuable programs such as eliminating poverty, education cures related to mental illness and social justice it at least powers you to ask the overall performance of the plan.
Poor Health Cost You More Than Expected:
The Kaiser Family Foundation says that those who reported themselves to be in poor health and on Medicare have out of pocket costs which are nearly about 2.5 times higher than healthier beneficiaries. Many of the individuals suffer from preventative conditions on Medicare.
Old Enrols See Cost as High:
More health issues indeed arise as a person gets older. Medicare does not adapt well to older adults. A truly efficient system should take increased costs into account and spread those across all the old enrols.
Medicare Attracts Fake Doctors:
Medicare lost many of its funds through fraud, so the government should employ a significant task force to investigate out the potential crimes. It also adds more expenses to the overall Medicare program.
This debate about Medicare is not going to end soon. It has become an important part of the landscape for the last 50 years, and it will continue around in one form. Always do proper research before enrolling in a Medicare program.
These are the most cited pros and cons of Medicare for all. So, we should equally weigh both advantages and disadvantages. The efficient Medicare system will lower the healthcare costs in the economy and increase the quality care.