Let us see all the Pros and Cons of a Universal Health Care system.
1. The best part, everyone is covered and no need to buy health insurance anymore. More than 45 million Americans who do not have health insurance today will have it under the Universal Health Care system.
2. A healthier society, the number of people dying due to lack of treatment reduces drastically. For example – The lifespan of Canadians is longer than the Americans.
3. Cost of treatment goes down because in a private health care system costs are substantially inflated. Government healthcare system is more regulated, and the cost of treatment for various healthcare conditions is pre-defined and fixed. It is overall a more effective model. There are no headaches or stress of dealing with private insurance companies. Same standard of service for everyone at a low cost.
4. Removes the disparity, everyone has the same insurance plan, irrespective of his/her social or financial status.
5. Companies do not have to worry about providing health insurance to their employees and can focus entirely on running their business. Universal healthcare for all also encourages entrepreneurship. This could reduce employer labor costs by about 10%.
6. Health care costs are the number one reason for bankruptcy in America; this problem disappears.
7. Eliminates the administrative costs for doctors as well as they have to deal with only one government agency rather than ten different insurance companies with varying policies and plans.
8. It simplifies the whole system. It leads to higher economic productivity.
9. It promotes good health care for children, and treatments can be done at an initial state before they become chronic. Reduce the spread of infectious diseases.
10. It promotes self-employment and business startups, as people do not have to worry about health insurance.
11. Accounts receivable is a massive problem for doctors and hospitals today. With government liable to pay all the medical bills, the issue of patients defaulting on healthcare bill goes away.
1. Higher taxes. The rich pay for the health-care of the poor. Healthier people pay for those who need regular treatment. People with chronic diseases like the ones suffering from diabetes and heart disease are a colossal burden on the system. Sickest people consume half of the healthcare costs and healthiest 50% of the people consume only 3% of the cost.
2. Longer wait times for physician appointments and procedures, emergency rooms start getting misused and overcrowded.
3. The policies of the government pretty much dictate money a doctor can make. Both an excellent and a mediocre doctor make nearly the same amount of money. Less competition means less innovation.
4. Dental and Vision are generally not covered (or not fully covered) under Universal Health Care. People still have to buy those.
5. People are less careful about their health, as there is no financial impact.
6. Health care costs overwhelm government budgets. It creates socialism and more government debt.
7. Doctors are often assigned more patients than they can legitimately handle, which can deteriorate the accuracy and quality of patient care.
8. Medicine becomes a less attractive career choice. Cost of becoming a doctor is very high. Doctors often carry large student loans. Additionally, it takes nearly a decade of hard-core education and training before one starts practising. Since their income is capped under Universal Health Care, it will take longer for them to pay off their student loans, and force young doctors to lead a more frugal life for a long time.
9. Innovation can fall behind when compared to a free-market system. This also creates a shortage of specialty doctors in the long run.
10. May restrict access to certain procedures or medications. These systems might choose palliative care over life-saving measures.
11. Smokers, Alcoholics and Drug Addicts, receive the same treatment, even though their conditions are self-induced.
12. Many dual citizens will work in another country all their life but return for free treatment when they need long term care.
13. USA has too many senior citizens. For years to come the average age of our population will keep rising. There will be lesser people who will contribute to the system versus who will land up using it.
14. Systems are never perfect. Doctors, their families, their close friends of doctors and some influential people are often able to get quicker treatment due to mutual understanding within them.
15. It will lead to mass layoffs for millions of Americans connected to medical insurance directly and indirectly.
16. Healthy people who may hardly use the healthcare system, are forced to pay. Obamacare is not a universal healthcare system, Medicare for all can provide coverage for all.
When will the Universal Healthcare become reality:
Due to the colossal federal budget deficits, a universal healthcare system seems to be a distant dream. Moreover, due to the coronavirus pandemic, trillions of dollars worth of assistance was given to US citizens and small businesses, causing America to further drown in debt. Not everyone agrees that taxing the rich is the right approach as they may relocate countries which have a cheaper tax rate, that will further hurt the economy.