As one of the highly advanced nations in the world there are 50 million people who lack insurance and as many are burdened with co- payments and deductibles. Almost 45,000 Americans die every year due to lack of medical help.
The US expenditure on healthcare is extremely high and the major profits are gained by insurance companies, drug companies and private hospitals.
President Obamacare's law - The Affordable Care Act is a step in the right direction as now insurance companies cannot refuse to cover people with pre-existing illnesses; children are covered by their parents insurance till they were 26 years old and also there will be subsidized premiums. Approximately 20 million people would receive health insurance.
Medicare exists for people above 65 years of age, which was started 48 years back and is a great success. When and if Medicare could cover all American citizens it would be ideal. The money spent on billing and administration could be saved, the money hospitals and drug companies spent on advertisements which ran into millions could be saved. Instead of spending money on collecting debts the same money could be used for healthcare and disease protection.
Many employees don't leave a company that gives them a decent insurance on healthcare, and the fear of losing the benefits stops them looking for more productive work, the businesses would also be able to expand in a productive manner without the burden of paying the employees insurance.
Though Americans understand that the healthcare system is not quite right they will soon understand that as an advanced country like America can definitely have a single -payer system like Medicare for all as it will benefit businesses, workers and the economy of the country.
Hannah Punitha (IRDA Licence Number: 2710062)