Medicare for All, introduced by a wing of the Democratic party, accounts for one national health insurance program for all Americans with a fundamental right to healthcare. Past events, including the COVID-19 pandemic, justify that the country needs immediate intervention in its healthcare system. Medicare for All is an incentive to prioritize every individual and requires financial sacrifices to balance the healthcare gap within the population.
Health insurance is a common concern for all US citizens as its lack correlates with the spread of illnesses. The demand for health insurance is equivalent to the demand for medical care, meaning it is high regardless of geographic or ethnic background (Phelps, 2018). That is why Medicare for All aims to reduce the eligibility criteria from 55 years to all people in four years (Sanders, 2022). Unlike other regulations, it covers dental, vision, and hearing aids. Instead of forcing every employer to provide health insurance, the bill requires the government to regulate medical care.
The economic issue addressed in Medicare for All is the limited access to healthcare. It is further justified that 40% of all infections in the US are linked to the lack of health insurance, pointing to the detrimental need to provide it for everyone (Sanders, 2022). Although there is a risk of additional costs due to the limited amount of money of $200 a year for the prescribed drugs, it still considerably improves the current state of health insurance. This program will diminish morbidity rates caused by the lack of health insurance.
Incorporating Medicare for All requires strict governmental regulations. For example, healthcare spending is expected to reach $45 trillion by 2026 (Fisher, 2022). It demands increasing taxes on higher incomes, but lower healthcare costs justify this sacrifice. Even people who do not deal with chronic illnesses should prefer health insurance because “prevention can reduce future medical spending,” which correlates with out-of-pocket costs (Phelps, 2018, p. 269). Thus, hospitals will become equally available for all instead of targeting wealthier or more suffering populations.
To conclude, Medicare for All advocates for health insurance for every individual in the US. It increases the burden on medicine and healthcare professionals, simultaneously relieving the nation’s struggles due to the lack of medical care. Its successful implementation and balanced medical coverage require more engaged physicians, financial incentives, and sacrifices. Nevertheless, Medicare for All is expected to improve current healthcare, providing access for every individual.
References
Fisher, S. (2022). Medicare for All: Definition, pros, and cons. Smart Asset. Web.
Phelps, C. E. (2018). Chapter 10: The demand for health insurance. In Health Economics (6th ed., pp. 257–294). Pearson Publishing. Web.
Sanders, B. (2022). Medicare for All: Act of 2022. Executive Summary. Sanders Senate. Web.