‘Medicare for all’ offers many financial benefits

By Ewell Scott, M.D.
Lexington (Ky.) Herald Leader, December 21, 2017

What if our country finally wakes up and enacts new and improved Medicare for all? What other good things would automatically happen? The premiums of other types of insurance would fall dramatically.

Automobile liability policies, workers’ compensation and homeowners liability insurance would be affected beneficially. Why? Well, much of the liability exposure is related to health-care costs to the injured and since everyone would automatically have health insurance, no need for the other policies.

And here is another big bonus: Our property taxes would drop. Many of our tax dollars are devoted to purchasing private health insurance, and if everyone already had comprehensive coverage with no deductible or copays, our local and state governments would not need to duplicate the insurance.

Kentucky has 97,000 state, city and county employees. Private health insurance costs in the neighborhood of $10,000 per family. Massive savings would accrue.

The icing on the cake, however, is that all workers would see an increase in their take-home pay because their employers would no longer have to provide that benefit. Thus, more funds for wages and more money in the pocket to buy stuff.