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Single-payer national health insurance is a system in which a single public or quasi-public agency organizes health financing, but delivery of care remains largely private. The Institute for Health and Socio-economic Policy(IHSP) is a non-profit research group for the National Nurses Organizing Committee. According to the analysis of their proposal for a single-payer universal health care system, IHSP found that “full medicare benefits for all” would have these immediate effects:
$317 billion in increased business and public revenues throughout the US economy.
2,613,495 new permanent jobs, at an average of $38,262 per year.
$100 billion in additional employee compensation.
$44 billion in increased tax revenue.
The biggest impact of the proposal would be coverage for the 46 million uninsured Americans, but 'Medicare for all' would also get rid of the “current chaos of eligibility, exclusions, family coverage, premium costs, and high out-of-pocket expense,” unenviable consequences of the present system. The full report can be found here.
A similar proposal for single-payer national health insurance was published by the American Medical Association in 2003. That study found that national health insurance would save the US $200b by “eliminating the high overhead and profits of the private, investor-owned insurance industry and reducing spending for marketing and other satellite services.”