Think you'll be better off if
Over half of
Health care experts
Most Americans would see their expenses rise substantially. Depending on how much they earn, and where they get their coverage today, Medicare for All would cost some working families more than what they pay for electricity; for others, it would exceed their gasoline budget; and for others, their food budget.
All told, roughly three-quarters of Americans would be worse off. That's because they would pay more in additional taxes than they would save from no longer paying privately for health care. Households that currently have employer-sponsored coverage would be particularly hard hit, as their disposable incomes would shrink by an average of
Even lower-income working families, currently getting health care through government programs such as Medicaid and the
Paying for the new program will require taxes to go up - a lot. Fully funding Medicare for All requires a new, additional tax of
Haislmaier's and Hall's study shows the rich, working poor and middle class would have to pay these taxes to fund Medicare for All. The only people who might not see a financial hit? Generally, retirees on Medicare today. But, since Medicare as they know it would go away, they might have greater concerns.
In real life, we know that if Americans were faced with such a tax increase, some would cut back on work hours or quit working altogether, but Haislmaier and Hall decided not to include that speculation. Instead, they assumed that all Americans would continue to work just as much as they did beforehand, while their employers convert health insurance spending into additional taxable wages.
It's true that American workers deserve a better health care system.