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File Name | S21-PF-02-PRO-MedicareForAll.docx |
File Size | 205.15 KB |
Date added | August 17, 2020 |
Category | Archived |
Tags | Medicare for All, NSDA, Public Forum, Season 21 |
Author | Vance Trefethen |
The Affordable Care Act (a.k.a. “Obamacare”) of 2010 was a step in the right direction toward assuring that no one in America would have to go without health insurance. Lack of health insurance is a very dangerous proposition in this country in this generation, because it means you will either go bankrupt trying to pay for life-saving medical care, or you will do without such care. You will end up either broke or dead.
But the ACA, which subsidizes private insurance coverage, didn’t completely solve the problem, because no private insurance scheme can. It fails due to “adverse selection,” the problem of sick people buying health insurance and healthy people dropping out. If only the sick buy insurance, costs go up and more healthy people drop out, until it “death spirals” into bankruptcy or costs spin out of control.
The only way to spread the risk of sickness across a large enough pool of people to make it affordable is with a mandatory national coverage scheme. Tax everybody and spread the risk across everybody and health insurance becomes affordable for everybody, which means health care becomes affordable for everybody.