Medicare For All – Hurray!

Remember when all of the Democratic presidential contenders raised their hands for Medicare for all in their first debate?  Here are some numbers that will give you an idea how much it would cost you.

Yes, YOU.  Somebody has to pay for it.

Everybody who works pays a Medicare tax.  Look at your paystub.  Currently, the government takes out 1.45 percent of everything you earn to pay for ONLY the hospital portion of Medicare, unless you are lucky enough to earn over $200,000.  Then they take 2.35 percent. 

But that is not enough money to cover the costs.

According to the actuaries – the green eyeshade guys who calculate this – the money that Medicare put aside, the Trust Fund, runs out in 2026.  To actually cover the costs of Medicare’s Hospital Insurance, you need more like two percent from everybody.

As Bernie Sanders says, he will tax the middle class to pay for Medicare for all, but how much?

There are 330 million people in America.  Only 57 million now have Medicare.  So, Medicare only covers one in five people.  Using simple multiplication, the government would need to raise your Medicare tax 500 percent to cover the hospital costs for all Americans.  Now remember, to actually meet the cost for people currently on Medicare, you need to pay two percent of your paycheck.  To increase this fivefold, you need to pay ten percent, so every American has hospital coverage.

The average household income is $61,000.  If you are an average American, that means $6,100 out your check or about $120 a week/$510 a month taken out.

But wait, there is more.  This is only Part A of Medicare – hospitals, inpatient tests and rehab.  Want to go to the doctor?  That is not covered by what comes out of your paycheck.  Doctors, tests, x-rays done outside of the hospital, but not prescriptions, is Part B of Medicare and Part B is a separate premium.

Part B costs $135.50 a month.  There is an average of 2.6 people per household, so to have doctor visits covered for your family, you will pay an additional $350 a month in premiums.  Remember though, the Medicare Part B premium is only 25 percent of the actual premium.  The government ‘pays’ the other 75 percent.  However, we all know that the government does not have any money of its own.  The government gets its money by taxing you.  So multiply this $350 that you would pay in premiums by three to get the part that the government pays out of your tax money.  That is another $1050 a month for your family.  It may not be a direct premium but it will come out of your income taxes.

 If you want prescriptions covered, that will cost an average of $85 a month for your family.

But wait, there is more still!

Medicare Part B has a (modest) deductible of $185 a year but it only covers 80 percent of “approved” charges.  The “approved” charges do not cover the real cost of the medical service.  To make up the loss, doctors and hospitals charge other people more money.  That is why you hear of the $25 aspirin in the hospital.  They can’t get the money from Medicare so they get it from somebody else.  You can’t do that anymore once everybody is on Medicare, so your costs will go up.  This means you need to buy private secondary health insurance policies to cover the copays and deductibles, like people on Medicare do now.

But the Democrats say they are doing away with private health insurance.   So, if they do that, the copays come out of your pocket.  If the Dems allow you to have private insurance, the average premium is $350 a month per person for the average Medicare supplement plan, or another $910 for the average family of 2.6 people.

But wait, still more!

The Democrats all said they want to give free health insurance to the illegal aliens.  Folks. Let me tell you the real number of illegals is about 30 million!  Trust me, I was one of the senior inside people in the government and in 2006 we were estimating 20 million.  You know that number didn’t go down since then.

So, to give ‘free’ health insurance to the illegals, add another ten percent onto your tax bill.

So here is where your family stands with ‘free’ Medicare for All.

Hospitalization coverage         $520 a month

Doctor coverage                      $350 a month

Government’s share                $1050 a month (comes out of your income taxes)

Drug coverage                         $85 a month

Supplement plan                     $910 a month

Total                                        $2,915 a month

Illegals surcharge                    $200 a month

Total                                        $3,115 a month or $37,380 a year for the typical family.

Welcome to Medicare For All.  Thank you Democrats

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