Insurance Agent Forum

[midwestbroker]

I was curious under the current numbers...what would Medicare cost for all...


This is what I came up with...


Right now Medicare/Medicaid cost $698 Billion per year


That is roughly 20% of our population


So, take that number for 100% of our population and you have approx $2.8 Trillion


$2.8 Trillion divided by 300,000,000 (our population) and that comes to $9,333.33 per year, or $777.78 per month the government would have to come up with to cover everyone on Medicare..


Plus, people would still have a $992 deductible for inpatient hospitalization, and 20% co-insurance.


Let's say for argument sake that the government will pick up 80% of the tab. That would leave the tax payer with $155.56 per month premium PLUS the current part B premium ($93.50) = $249.06 assuming there are no tax increases.


Family of 4 would have to pay $996.24 per month for “Medicare for all”


If the government picked up 90%, that would mean a family of 4 would pay $685.12.



I need a hobby...

[al3]

Originally Posted by midwestbroker

I was curious under the current numbers...what would Medicare cost for all...


This is what I came up with...


Right now Medicare/Medicaid cost $698 Billion per year


That is roughly 20% of our population

Where did you get the $698. I don't doubt it, but I'd like to know what authority you used.

The 20% figure is the most costly part of our population. I don't think the average 40 year old will incur the same bills as a 65 year old each year.

So, take that number for 100% of our population and you have approx $2.8 Trillion

You need to make an adjustment per above.

$2.8 Trillion divided by 300,000,000 (our population) and that comes to $9,333.33 per year, or $777.78 per month the government would have to come up with to cover everyone on Medicare..

You are saying each man, woman and child would have to pay $777?

Plus, people would still have a $992 deductible for inpatient hospitalization, and 20% co-insurance.


Let's say for argument sake that the government will pick up 80% of the tab.

I got lost here. What tab? The deduct?

That would leave the tax payer with $155.56 per month premium PLUS the current part B premium ($93.50) = $249.06 assuming there are no tax increases.


Family of 4 would have to pay $996.24 per month for “Medicare for all”

Not if each person in the USA actually cost $777.

You have an interesting hypothesis, I just not sure how you arrived at the figures.

Al

[Mr. Bill]

Actually, not bad numbers!

I was listening to the radio the other day, and they were talking about the start of "group" health insurance - corporate plans. What they said was that during (or after, I forget which) WWII, that corporations weren't allowed to give pay raises. Thus, they schemed up things like paying for health insurance for their employees. I guess it made sense at the time.

I think we all need to admit that the current system is crazy, Medicare is being ripped off right and left, and to think that the government is somehow going to be able to provide coverage for all without a lot of theivery is thinking that the employees of your liquor store aren't passing cases of liquor to their friends through the back door.

[midwestbroker]

Al -

The $698 Billion is from the US Budget

Each person would not have to pay the $777, that is what the overall cost would be to the government. Mind you our current Medicare tax would pick up some of that.

The tab I was talking about is the $777. If the government covered a % of that.

Of course, that would be adjusted for children and younger people, but that would also include all the sick people as well (heart attacks, diabetes, over weight, etc).

I was just playing with some numbers.

Another thing to consider is that Medicare does not have to mess with child birth since it is designed for seniors. That is another $40+ billion (Over 4 million babies (National Center Health Statistics) a year at roughly $10K per delivery (BCBS))

[tommyk]

Sure tell when sales slow down a little can't ya....
Great idea.....
Is this the universal health care we have been hearing so much about????
Could I buy a Med Supp to take care of all the deductibles and co-payments, just like people 65 do????
So many questions, so little time....