Single-Payer Would Save PA $17 Billion Annually
Health Care for All PA, a statewide non-profit organization today released an economic impact study. The results prove that a single-payer health care plan will save families, businesses and tax payers $17 billion annually while at the same time providing comprehensive health care to all.
This study was done by University of Massachusetts – Amherst professor of economics Gerald Friedman, Ph.D. It compares the cost of the current for-profit health insurance model in Pennsylvania whereby provider choice is limited and health services are rationed by health insurance companies to that of a consumer-driven health care system which lets people have the freedom to choose their own doctors, hospitals and health care providers.
Some of the important advantages of a single-payer system are:
- Comprehensive coverage for every resident of Pennsylvania, including dental, vision and mental health services;
- Eliminates the need for hospitals to absorb the cost of care for the uninsured;
- Reduces bureaucracy for private physicians resulting in reduced administrative costs and improved compensation for private physicians;
- Reduces or eliminates health insurance over-costs for small business, allowing for more job creation, greater reinvestment of profits, and reduced workers’ compensation costs.
- Radically reduces the total cost of health care to levels more consistent with costs in the rest of the industrialized world.