The concept of universal Medicare is one that’s divisive at best. Some say it’s a good thing because it would give even the country’s most disadvantaged citizens access to good healthcare.
However, there’s also concern about how the government would be able to pay for it and whether or not it would enable access to decent health care.
The Financial Cost of Medicare for All
As it turns out, the cost of Medicare for all is quite considerable, which means that taxes are likely to increase leading to fewer profits for businesses.
On the other hand, healthcare costs would be greatly reduced and there would be no more co-pays and deductibles to worry about, which would offset all of that tax that hard working Americans would have to pay.
Potential Savings Offered by Medicare for All
Another issue that some people tend to overlook when it comes to Medicare for all is the fact that those employed by public schools already benefit from complementary healthcare courtesy of their employers.
This means that taxpayers are already paying for their insurance, with the Kaiser Family Foundation reporting that $20,000 is the threshold that employer-provided insurance policies have reached.
Why does this matter? It matters because Medicare for all would save local taxpayers up to $3 million, an amount which could then be redirected to reducing the cost of the real estate tax.
Another issue is with retirement, which often comes with more expensive incentive programs depending on where you live.
After all, one needs healthcare cover until they’re old enough to retire and receive Medicare. This waiting period would not be required under Medicare for all which translates to more savings for the taxpayers in certain school districts.
There’s no telling what Medicare for all is going to be like because it still needs to pass through the House and Senate. However, there’s reason to believe that it would lead to significant savings when it comes to real estate tax among other things.
If you’re looking for savings right now and don’t want to wait until Medicare for all becomes available, then you may want to consider Medicare Advantage Plans 2021
Medicare for all isn’t here yet, but that hasn’t stopped pundits from both ends of the spectrum to speculate about what it would mean for taxpayers and those on the receiving end of it. Clearly, there are benefits to it, but it also comes with more than a few caveats.
For example, how would the quality of healthcare be affected? If we end up with a situation like Canada, then it’s safe to say that it’s not a path that we want to travel down. However, it would also lead to savings for taxpayers, especially when it comes to local taxes.
But, small business owners and employees would more often than not end up forking more in the way of taxes even while saving on the real estate tax, co-pay costs, etc.