'Medicare-for-all' plan would cost tax payers $32T, according to a study
House Democrats unveiled a bill that will insure healthcare coverage for all Americans.
The “Medicare-for-all” plan would cost an estimated $32.6 trillion over the course of 10 years, according to the Mercatus Center at George Mason University.
The plan could cause large tax hikes and limit the use of the private insurance market. But, where will the federal government get the money to fund for the bill?
“Do you know what an enormous amount of money we are spending without having a single payer system? How much money is spent on paperwork,” Michigan Congresswoman Debbie Dingell (D) told FOX Business’ Stuart Varney on Thursday when asked her reasoning for supporting the bill.
Dingell, who serves as the co-chair for the Medicare for All caucus, stated that there are many issues with employer–based coverage.
“The premiums are going up. The deductibles are going up, the amount of money that they have to pay for their medicine and copays,” she said on “Varney & Co.”
According to the Kaiser Family Foundation, 155 million Americans use employer-based coverage, which will be eliminated under “Medicare-for-all.”
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Despite the concern with the “Medicare-for-all” plan, Dingell said that Democrats are hopeful to introduce a good bill.
“We have to write a good bill,” she added. “We’ve got to do something, because our system is broke here in this country.”