Would Medicare for All, or a Single Payer system really work? Some say it will, while others are just not sure.
As a Health Insurance broker, one of the most important things that I stress to my Senior clients/prospects is the fact that the current Medicare system (i.e. Original Medicare – Part A&B only) exposes an individual to an UNLIMITED out-of-pocket exposure.
Part A covers hospitalization after a BENEFIT PERIOD (60-day block of time) deductible, and after the beneficiary pays a per-day copy for hospital confinement (after day 60).
Part B covers doctors and facilities after a Calendar Year deductible is satisfied by the beneficiary, then 80% of any remaining covered services for the balance of the calendar year.
Part D covers prescription drugs, and has a separate out-of-pocket exposure than Parts A&B. It is in addition to!
If the Medicare for All system will be set up in the same way as Original Medicare, I fear that individuals who utilize a heavy amount of healthcare will be exposed to out-of-pocket expenses beyond belief. Use of private health insurance products, at the very least, provides individuals with a known maximum exposure each calendar year.
The question we will all be faced with becomes – What is peace of mind worth?