While in an election year, oftentimes a client will ask how a certain candidate’s policies would affect them. With Bernie Sanders leading the field on the Democrat side, here are some insights you could share regarding his proposal of “Medicare for All” vs Medicare in its current form:
Bernie's Medicare For All:
- Single payer
- Coverage for every American
- No premiums
- No deductibles
- No copays
- No networks
- Expanded coverage:
- Dental, vision & hearing
- Long-term care
- Mental health and substance abuse treatment
- Reproductive and maternity care
- Prescription drugs & more
- Annual prescription drug costs capped at $200 per year
Cost of Medicare for All
It is believed that “Medicare for All” would increase overall federal spending by 75%.
If you are asked how the program would be paid for, you may wish to take a look at www.bernietax.com . In a nutshell, the answer is higher taxes.
How Social Security would be impacted by Medicare for All
As for Social Security, Sanders would like to provide all recipients whose income levels are under $16,000 annually with an additional $1,300 per year. This also would be achieved through additional taxes on higher earning citizens, as shown below…
Note that Sanders would not restrict FICA / Social Security Taxes to earned wages. His proposal would open up other forms of earnings, such as interest income and capital gains, to being taxed in order to bolster the Social Security Trust Fund (which is projected to have a $0 balance within 16 years if no changes are implemented).
How Medicare for All impacts Medicare Brokers
If the past 55 years have taught us anything, it’s that the federal government will still need professionals to help guide citizens through any future changes (think Medicare inception, Medicare Modernization Act, and Affordable Care Act for reference). So rest assured! Your career helping citizens make informed health insurance decisions isn’t going anywhere.