r/FluentInFinance • u/The-Lucky-Investor • 11d ago

“Medicare for All” would save the U.S $5.1 Trillion over 10 years Discussion/ Debate

https://www.commondreams.org/news/2018/11/30/easy-pay-something-costs-less-new-study-shows-medicare-all-would-save-us-51-trillion
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u/QueasyResearch10 11d ago

do people on Medicare like it?

19

u/furryeasymac 11d ago

Medicare consistently has higher patient satisfaction ratings than every individual insurance company.

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u/BagOnuts 11d ago

My guy, half of Medicare enrollees are on Medicare Advantage through private companies… if traditional Medicare is so great, why do 50% of Medicare patients opt to get coverage from private companies?

I’ll tell you why, because there A LOT of advantages that save patients a lot of money.

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u/Okratas 10d ago

if traditional Medicare is so great, why do 50% of Medicare patients opt to get coverage from private companies?

I love that factoid.

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u/[deleted] 10d ago

[deleted]

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u/BagOnuts 10d ago

You have to opt-in to Medicare Advantage. Most people choose traditional Medicare simply because they are not aware there are other options.

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u/ILSmokeItAll 11d ago

When I was on it, my diabetes pump and supplies had a copay of zero. I got married and went on my wife’s insurance. She works for the US Postal Service. 22 years. Unionized. Federal government.

My supplies are now around $900 every three months. My copays are more. For everything.

I was better off with Medicare.

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u/thicckar 11d ago

Damn. Is there a way to get back on it?

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u/ILSmokeItAll 11d ago

Yeah. Get a divorce. lol

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u/Real_Explanation_298 11d ago

You takin about medicaid or medicare....Pretty sure you can have medicare and private insurance at the same time. You can have both medicaid and private insurnace as well if it qualifies. Pretty sure that everyone over 65 can get meidcare right?

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u/ApolloTheEarthling 11d ago

Yes 65 or older or disabled can qualify for Medicare

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u/Tathorn 9d ago

You're welcome

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u/ILSmokeItAll 9d ago

For what?

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u/Tathorn 8d ago

Your Medicare

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u/ILSmokeItAll 8d ago

You mean the one I’ve spent over half a century supporting?

Goddamned right I’m welcome.

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u/TaftIsUnderrated 11d ago

I know a lot of Healthcare providers who complain about Medicare paying less than other insurance companies.

I knew one pharmacy owner who claimed that they lost money when taking Medicare.

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u/CopingJenkins 11d ago

It pays 40% less on average. The primary "savings" if medicare for all would be the decrease in reimbursements which would basically bankrupt the healthcare industry in the US as those 40% reduced fees are only tenable because they're subsidized by the customers paying full price or 100% UCR.

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u/ScoopDL 11d ago

Weird that the hospitals around me spend money on advertisements for Medicare patients even though they lose so much money treating them.

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u/[deleted] 11d ago

[deleted]

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u/CopingJenkins 11d ago

They lose money when rooms are empty so it's in their best interest to always keep the beds full.

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u/soggybonesyndrome 11d ago

I’m getting close to losing money on Medicare total joint patients. Which is 75% of my practice.

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u/lord_dentaku 11d ago

Everyone I know on Medicare that I've discussed it with likes it. They pay way less out of pocket, many times zero, than I do on an insurance policy that costs me $1.3k per month for myself and two dependents.

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u/StreetcarHammock 11d ago

Because it’s subsidized by taxpayers. Of course people tend to like cheap things provided by other people.

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u/lord_dentaku 11d ago

Subsidized by taxpayers after they spent a working lifetime subsidizing it for others. It really gets old how people try and frame it as an entitlement, it is an agreed upon obligation that people have paid into their entire working lives and are expected to receive it. Most people aren't getting it for free, they've just already completed their obligation to pay for it.

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u/StreetcarHammock 11d ago

If that was entirely true then would parts of Medicare be on track to exhaust their funds and be in need of additional taxes from working people? As with social security, recipients cost more than they paid in during their working years.

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u/Real_Explanation_298 11d ago

Boomers are the only ones with medicare right now...go ask one i guess.

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u/Fair_Back_3943 10d ago

Ppl w disabilities too. I'm 41 and have medicare, and it's way better than the private insurances I had (although I don't remember the details too well. It was a long time ago)

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u/skiddlyd 11d ago

My husband is on Medicare and pays for part B. I get my insurance through work, although they cover it entirely. Mine costs about $1000/mo and I basically have the gold version of his platinum. So, I’d say paying $170/mo for better than I get for $1000/months is something people on Medicare should like. A lot!

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u/OC2k16 11d ago

There is no annual cap on part B. Original Medicare, A+B+C is bad IMO. He is on the hook for 20% of cancer treatments for example.

Everyone pays for Part B premium. Even if you have supplement or advantage. So he needs one of those.

Supplement is on top of part B premium. Advantage plans offer 0$ premium, apply max out of pocket.

There is a lot more to know but get off original Medicare asap.

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u/skiddlyd 11d ago

He is on Medicare because of cancer. Stage 4 colorectal cancer survivor. He currently has Medicare Advantage. I should mention Medicare advantage cost $19 extra the first year, but they dropped that. It only requires plan B.

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u/OC2k16 10d ago

Sorry to hear about the cancer diagnosis, good to be on advantage.

Be sure the cost for a supplement, Plan N or G, is not less than the max out of pocket costs your husband would spend in a year. Supplement is great and I would recommend if someone knew their costs are going over about $2,640 for the year under advantage (the actual plan coverage not premiums).

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u/whorl- 11d ago

I don’t want Medicare, I want that shit that congresspersons get.

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u/0WatcherintheWater0 11d ago

It’s subsidized healthcare they don’t have to pay for, of course they like it.

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u/Phalcone42 11d ago

That they pay for with taxes. Ftfy

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u/0WatcherintheWater0 11d ago

Typically other people pay for it.

I of course think that’s generally a bad thing

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u/[deleted] 11d ago

[deleted]

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u/0WatcherintheWater0 10d ago

They're not remotely comparable. With private insurance, you do end up footing the bill through your paid premiums, even though it's more indirect.

With Medicare, your premiums only cover around 15% of total revenue. The other 85% comes from people who aren't covered.

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u/GeekShallInherit 11d ago

Satisfaction with the US healthcare system varies by insurance type

78% -- Military/VA
77% -- Medicare
75% -- Medicaid
69% -- Current or former employer
65% -- Plan fully paid for by you or a family member

https://news.gallup.com/poll/186527/americans-government-health-plans-satisfied.aspx

But it's worth noting Medicare for All is a completely different program from Medicare, and as currently written wildly more comprehensive.

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u/bjdevar25 11d ago

When my wife went on Medicare and I could take her off my work plan, we saved @ $4000 per year with better coverage. Now we're both on. No complaints at all except the complexity built in by politicians putting roadblocks in to cut costs.

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u/Tathorn 9d ago

Well, of course. The tax payers pays 90%. Who wouldn't love it?