Medicare For All Would Reduce Federal Poverty Rate By Nearly 20 Percent, According To Socialist Think Tank
A report out Thursday found that the federal poverty rate could be reduced by about 20 percent if private insurance was eradicated in favor of a progressive Medicare for All approach. This idea has been supported by many Democratic Party presidential candidates thus far.
According to the report, one in five dollars spent by those under federal poverty guidelines goes toward out-of-pocket medical expenses, which roughly 22 percent of a person’s income. For families with an income 400 times above federal policy guidelines, out-of-pocket expenses make up less than 5 percent of a person’s income, per the report.
According to the People’s Policy Project, the report shows that 8 million of the 42.5 million individuals who are considered poor under federal policy guidelines would not be poor if they didn’t have to pay out-of-pocket medical expenses, which include copays, coinsurance, and self-paying for medical care.
According to its website, People’s Policy Project is a think tank established in 2017 to support “socialist and social Democratic economic ideas.”
The report, which was based on data released from the U.S. Census Bureau earlier this week, also claimed that adopting Medicare for All in the United States would increase poor individuals’ annual income by nearly 30 percent.
According to the report, 8 million individuals — which make up about 19 percent of people in poverty — would no longer meet federal poverty guidelines if a Medicare for All policy was enacted. The poverty gap currently stands at $175.8 billion, though that number comprises about $38.2 billion in medical out-of-pocket medical expenses, leading the report to claim that the progressive health care policy would cut poverty by about 22 percent.
According to a previous report from The Inquisitr, both Elizabeth Warren and Sen. Bernie Sanders, who have been proponents of such a plan, have made gains in national delegate count estimates when compared to current front-runner Joe Biden, who has remained stable in the race. The Massachusetts and Vermont senators have arguably been the largest proponents of eliminating private health insurance in the U.S. in favor of adopting a Medicare for All policy.
Per the previous report from The Inquisitr, the Massachusetts progressive is predicted to get about 545 delegate votes, while current front-runner former Vice President Joe Biden is expected to get 600. Third-place candidate Bernie Sanders is currently estimated to receive 286 delegates. CBS News, who conducted the poll, said that the estimate of delegate votes was the only estimate that ultimately matters to predict the party’s nomination.
Versions of the health care policy have been supported by many of the Democratic candidates for president. However, many of the more moderate candidates, like Biden, have expressed support for keeping some level of private insurance for those Americans who are happy with their current health insurance policies.
