A new study conducted by the Yale School of Public Health, University of Florida, and University of Maryland School of Medicine released in the medical journal, “The Lancet” that Medicare for All would both save money and lives.
According to the study, the U.S. would save 13 percent in national health-care expenditure and prevent more than 68,000 unnecessary deaths. That is roughly $450 Billion in savings.
By replacing premiums, deductibles, co-payments and out-of-pocket costs with a progressive tax system, Medicare for All will not only save the average family around $2,400 a year, but also give lower-income families access to the services they need, states IFL Science!
Advocates for the bill, like Senator Bernie Sanders, applauds the new study saying: “This study confirms that Medicare for All will save the American people $450 billion on health care costs and will prevent 68,000 unnecessary deaths – each and every year. In other words, guaranteeing health care as a human right by creating a Medicare for All system will cost substantially less than our current dysfunctional health care system. It will save working class families thousands of dollars and it will prevent tens of thousands of Americans from dying each year. While the CEOs in the pharmaceutical and health insurance industry may not like it, we will end their greed and enact Medicare for All when I am president.”
This study helps quiet several attacks made on Medicare for All from the private healthcare industry as doctors and hospitals would see a savings in cost and more time to devote to patients.
Along with the study came a Single-Payer Healthcare Interactive Financing Tool (SHIFT) which shows that the economics of the Medicare for All Act can be analyzed using a number of parameters involving the health-care budget, expansion in service use, and revenue generation.
IFL Science! states: “Across a wide range of assumptions, projections from SHIFT indicate net savings for the health-care system. In the researchers’ base case the savings would include $59 billion on hospital care, $23 billion on physician and clinical services, $217 billion on overheads and $177 billion on prescription drugs.”