A full-scale “Medicare for All” program is the costliest of healthcare proposals at $34 trillion over a decade, according to a new estimate from the liberal think tank Urban Institute.
The proposal examined was one similar to the one pushed by Democratic presidential hopefuls Sens. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt.
Detailed as a “single-payer approach,” the plan would leave no one uninsured, including undocumented immigrants, and “largely eliminate consumers’ out-of-pocket medical costs but would require much greater federal spending to finance.”
The total: $34 trillion over 10 years. Federal government spending would increase by $2.8 trillion and national spending on healthcare would grow by about $720 billion in 2020.
A model mixing public and private insurance – similar to one favored by Democratic presidential frontrunner Joe Biden – would improve on the Affordable Care Act but leave 6.6 million undocumented immigrants without coverage.
National health spending would decrease the first year by $22 billion under the plan, and overall government spending would rise by $1.5 trillion over 10 years.
The 81-page study was conducted by the Urban Institute and the Commonwealth Fund.