Great. And who’s going to pay for it? Healthcare spending was close to 5 trillion dollars last year.
Let’s pretend that a billion of that was pure profits by those mean insurers, so that’s 4 trillion dollar extra in the federal budget.
Do you want to pay 10.000$ more in taxes every year for a shitty system with waiting lists like Canada?
By all means then go ahead and vote for one of the Democrats who wants total government healthcare.
U.S. healthcare insurance industry net earnings overall (across all types) were $25B in 2023, up a billion vs 2022 but with a slight drop in profit margin vs 2022.
Breakout:
The health insurance industry continued its profitability trend as it reported a (3%) increase in net earnings to nearly $25 billion but a modest decrease in the profit margin to 2.2% in 2023 compared to net earnings of $24 billion and a profit margin of 2.4% in 2022. The combined ratio increased to just above 98% compared to 2022.
Lets start with diverting all social security money to General Healthcare. No new taxes. Repurposing of taxes. Think smarter, not harder. Fucking euroswine wetbrain.
Social security taxes amount to about $1.2T year. Impact/who pays: Current rate is 6.2% for the first $168k income, or a max of $11.5k/person earning $168k, which is more than 92+% of people make, so average is going to be much lower. 183 million workers are subject to social security taxes.
Total US Healthcare spending (including households, businesses, government)
is about $4.5T, of which 28%, or $1.26T, is spent by households.
About equal (give or take some billions, and also fuck everyone receiving social security). Sounds good, right?
Now, two concepts: transaction costs of switching over (and associated inefficiencies and errors) over a significant transition period, and a million new government employees to run the formerly private-sector-companies.
Do you have any idea how expensive it is to integrate a company into another one, nevermind into the government, nevermind the entire healthcare insurance industry? It will be a net loss for decades.
Plus, given the point is govt would cover more than private insurers, more expenses.
Then there's the people. UHG average salary is $86k, median maybe $112k, plus bonuses and a
lot of benefits, many of which have a lot of upside opportunity. Figure an average of $200k (salary bonus benefits overhead), conservatively, for each 440,000. That's $88B, just for the UHG numbers. And you've also got significant brain drain (or useless middle managers and leadership, if you like), who will pivot out of the industry/stay in the private sector. And if you cut pay/benefits, and you'll get more than brain drain. But sure, let's say that the 1 m employees today sorts down to just 440k, it's the $88B to cover - who also now have guaranteed jobs, including FERS (pension benefits) after 5 years.
Good luck!
The average yearly premium for the affordable care act is $7,452
Cite? Do you have a typo, bc it's $
5724 everywhere I've seen.
See also.
