Monday, March 2, 2020

Why Medicare for All is a Stupid Idea

First, a little education for the not-yet-65 crowd:

  • Original Medicare (for seniors) is - generally - NOT free. 
    • Part A is (mostly - there are some who are eligible, but, due to missing some work time, have to pay part of the premium).
    • Part B costs $144.60 a month. Those with higher incomes (above $87,000) will pay more, in a sliding scale.
    • Parts A and B together pay only 80% of your bills. If you don't want to be on the hook for the remaining 20% (with NO limits or caps), you've got to pony up for Supplemental Insurance (also known as Medigap). When I first signed up for Part B, three years ago, it cost me just under $90/month for my Medigap plan. That plan today would be $145/month, for the same coverage at 65.
    • Prescription drug coverage is separate - again, for my first plan, it was around $18/month. Today, that same coverage would cost around $30/month, according to Medicare. Many meds are not fully covered. Deductibles, copays, and drug exclusions make this one of the most challenging parts of a senior's budget.
Together, this coverage would average around $300/month. For people whose average income is around $24K a year (half of all seniors have an income that low or lower), that's a huge chunk out of their monthly budget. 

A quick estimate for a 28-year old looking for an Obamacare plan is shown below (I used a site that will give you a ballpark estimate of ACA costs - Healthsherpa.com).
That's plans as low as $11/month - a considerable savings over Medicare. So, no, the younger population have little to complain about, other than the fact that the lowest plans have high deductibles and large copays. There is the old saying, "You get what you pay for".


Here's an eye-opening post on one American's experience with a totalitarian country's medical system and sanitation norms.

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