The cost of healthcare continues to rise across the country. The United States is one of the few remaining industrialized nations that doesn’t provide health coverage to its citizens. As a result, many politicians and organizations have lobbied for ‘Medicare for All’ legislation. But what exactly does this mean? And how do the current 2020 presidential candidates feel about Medicare for All? We will answer all of these questions and more, but first, let’s look at what has been proposed.
People often think that Medicare for All is a single bill that has just not passed through Congress for one reason or another. In actuality, Medicare for All is a blanket term for healthcare legislation to provide every citizen with federally-funded health coverage. Medicare for All has been proposed — in one form or another — dozens of times over the last century. However, as medical costs rise and wages stagnate, more and more people are advocating for a drastic change to the U.S. healthcare system.
While former presidential candidates like Bernie Sanders have proposed legislation to replace the current healthcare system with a single-payer healthcare system for all, it has not come to fruition. Currently, Medicare benefits only go to those who are 65 or older and meet the necessary work requirements (with some exceptions). If you don’t qualify for Medicare, you must seek out a health insurance plan through a private provider.
However, many private insurance plans tend to be expensive and don’t always cover what you need. That’s why so many older adults make use of Original Medicare or a Medicare Advantage plan. They provide comprehensive health coverage with relatively low premiums, deductibles, and fees.
Medicare for All is nowhere close to becoming law. While it is supported by many Democratic legislators (and even a few Republicans), even the Democratic party cannot agree on all the details. Moreover, the vast majority of Republicans strongly oppose it. The GOP generally views Medicare for All as government overreach and a detriment to the private health sector.
To keep things brief, neither candidate is in favor of switching away from the current system. Donald Trump has signaled that he may be willing to make cuts to Social Security and Medicare via a payroll tax cut. Alternatively, Joe Biden wants to expand on the changes made with the Affordable Care Act (ACA) by expanding Medicare to people aged 60 or older and increasing the government’s power to negotiate prescription drug prices.
Neither of these options comes close to Medicare for All. That said, many Republicans in Congress view Joe Biden’s proposal as a move toward Medicare for All, making them unpopular among the GOP. In any case, we will have to wait until November 2020 to see who will take the reigns in Washington, D.C. and how it will affect Medicare going forward.
If you’d like to learn more about Medicare for All or your Medicare coverage options, feel free to fill out the form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.
Get Your Free 2021 Guide
to Medicare