Dresden wrote:coldfish wrote:Dresden wrote:Here’s that Medicare-for-all study Bernie Sanders keeps bringing up
A single-payer health-care system would save more than 68,000 lives and $450 billion a year, new research shows
All told, the study concludes, a single-payer system akin to Sanders’s plan would slash the nation’s health-care expenditures by 13 percent, or more than $450 billion, each year. Not only that, “ensuring health-care access for all Americans would save more than 68,000 lives.”
In their breakdown of the numbers, researchers applied the existing Medicare fee structure across the entire health-care system and found it would save about $100 billion annually. Keep in mind that this basically represents less money going to doctors and hospitals, a major sticking point for medical groups that oppose Medicare-for-all. But those declines would be more than offset by several hundred billions in savings from reduced administrative and billing costs, Galvani and her colleagues estimate. The lack of patient billing under a Medicare-for-all system would also eliminate the roughly $35 billion a year that hospitals now pay to chase down unpaid bills.
The authors estimate an additional $219 billion in savings from reduced “administrative overhead” that the current decentralized system creates, including “the elimination of redundant corporate functions and the truncation of the top-heavy salary architecture of health insurance corporations.” For instance, the plan would replace dozens of health insurance executives, many of whom make well over $20 million a year, with one administrator paid the same salary as the current Secretary of Health and Human Services.
Finally, letting the national Medicare system negotiate pharmaceutical prices would save about $180 billion, according to the analysis.
Add it all up and here’s what you get: a new system that would cost about $3 trillion a year, instead of the $3.5 trillion that is being spent now.
...
https://www.washingtonpost.com/business/2020/02/20/lancet-medicare-for-all-study/
To cover the bolded: The US federal government limited executive pay years ago. I believe the highest salary any CEO can get it $1m. Many take much less than that. Their total compensation is usually paid in stock options because it allows them to get taxed at the lower capital gains rate. Those stock options don't come from premium payments. They are paid out of the shareholder pockets in the form of share dilution.
I bring this up because this is a common knowledge type thing. If you eliminate CEO's, you aren't saving $20m. This whole study has to be filled with bad math, half truths and lies just to sell an idea.
In the real world, doctor's offices hate medicare because it pays poorly. Some outright refuse to take it because the compensation level doesn't cover their costs.
https://www.hlc.org/news/more-physicians-no-longer-seeing-medicare-patients/
If everyone was paying at medicare rates, doctors would have to cut seriously into their service or just plain go away. As it stands, the private insurance system subsidizes the medicare system. If this actually happened, you would end up having more customers seeing less doctors with the obvious end result of worse service for most people.
As far as cost, I have no doubt that M4A would be cheaper than our current system on aggregate. That said, employers pay the lion's share of that cost making it very progressive. If you implement a less progressive system for payment, a whole lot of people would see their out of pocket medical expenses go up, not down.
Worse coverage, more money, more dead people (not less).
Again, there are things that could and should be done. Bernie Sanders just shouldn't be involved because I suspect he doesn't even understand that $20m CEO thing.
Why do you keep posting things that are outright lies?
Below is As You Sow's list of the 17 most overpaid CEOs in healthcare industry on the S&P 500:
Leonard Schleifer (Regeneron Pharmaceuticals)
Salary: $26.5 million
CEO to worker pay ratio: 215:1
Excess pay: $12.9 million
Brenton Saunders (Allergan)
Salary: $32.8 million
CEO to worker pay ratio: 349:1
Excess pay: $19.4 million
Marc Casper (Thermo Fisher Scientific)
Salary: $22.3 million
CEO to worker pay ratio: 324:1
Excess pay: $7.9 million
Michael Neidorff (Centene Corp)
Salary: $25.3 million
CEO to worker pay ratio: 379:1
Excess pay: $9.7 million
Alex Gorsky (Johnson & Johnson)
Salary: $29.8 million
CEO to worker pay ratio: 452:1
Excess pay: $16.1 million
John Hammergren (McKesson Corp.)
Salary: $18.1 million
CEO to worker pay ratio: 473:1
Excess pay: $4.9 million
Ian Read (Pfizer)
Salary: $27.9 million
CEO to worker pay ratio: 313:1
Excess pay: $14.3 million
Bruce Broussard (Humana)
Salary: $19.8 million
CEO to worker pay ratio: 344:1
Excess pay: $4.7 million
Miles White (Abbott Laboratories)
Salary: $18.9 million
CEO to worker pay ratio: 251:1
Excess pay: $4.9 million
Mark Bertolini (Aetna)
Salary: $18.8 million
CEO to worker pay ratio: 235:1
Excess pay: $4.0 million
Timothy Wentworth (Express Scripts Holding)
Salary: $15.9 million
CEO to worker pay ratio: 303:1
Excess pay: $2.5 million
Ludwig Hantson (Alexion Pharmaceuticals)
Salary: $15.3 million
CEO to worker pay ratio: 92:1
Excess pay: $1.9 million
David Taylor (Procter & Gamble)
Salary: $17.4 million
CEO to worker pay ratio: 287:1
Excess pay: $4.1 million
Howard Robin (Nektar Therapeutics)
Salary: $18.1 million
CEO to worker pay ratio: 91:1
Excess pay: $2.8 million
Milton Johson (HCA Healthcare)
Salary: $17.3 million
CEO to worker pay ratio: 312:1
Excess pay: $2.6 million
Richard Gonzales (AbbVie)
Salary: $22.6 million
CEO to worker pay ratio: 144:1
Excess pay: $8.1 million
John Milligan (Gilead Sciences)
Salary: $15.4 million
CEO to worker pay ratio: 94:1
Excess pay: $1.8 million
salary in excess of $1 mil is not tax deductible for a firm. consequently, it is COMMON for the base salary to be $1 mil in large corporations. some pay as little as $1 in salary. but there's no rule against paying more than $1 mil in salary
in addition to stock options, as of 10 years ago, median annual bonus was over $2 mil. signing bonuses can run into the tens of millions of dollars. and the top "golden parachutes" are over $100 mil. typical severance is 6-12 months of pay
i have no problem with any of it. my problem is that all income is not taxed at the income tax rate