May 30, 2024

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Universal Healthcare: A Simple Solution to America’s Healthcare Woes

2 min read
Universal healthcare is a simple and effective solution to America's healthcare woes. Economist Amy Finkelstein proposes a system of universal basic health care coverage that would ensure that all Americans have access to affordable care. This would improve the health of the population, reduce administrative costs, and give Americans more choice.
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The United States is the only developed country in the world without universal healthcare. This means that millions of Americans are uninsured or underinsured, and many more are saddled with medical debt.

The US healthcare system is also one of the most expensive in the world. In 2020, the US spent $12,530 per capita on healthcare, compared to $4,592 in the OECD average.

But there is a way to fix America’s healthcare woes, and it’s actually very simple, according to leading economist Amy Finkelstein.

What is Finkelstein’s proposal?

Finkelstein and her co-author, Stanford economist Liran Einav, propose a system of universal basic health care coverage in their book, “We’ve Got You Covered: Rebooting American Health Care.”

Under their proposal, the government would provide a basic level of health insurance coverage to all Americans. This coverage would include preventive care, primary care, and hospitalization.

People would still be able to purchase supplemental health insurance coverage from private insurers if they wanted to. But the basic level of coverage would be guaranteed to everyone, regardless of income or employment status.

What are the benefits of Finkelstein’s proposal?

Finkelstein’s proposal has a number of benefits. First, it would ensure that all Americans have access to affordable health care. This would improve the health of the population and reduce the number of preventable deaths.

Second, Finkelstein’s proposal would reduce administrative costs. The current US healthcare system is incredibly complex and bureaucratic. This complexity drives up costs for everyone.

Third, Finkelstein’s proposal would give Americans more choice. Under the current system, many people are locked into health insurance plans through their employers. This gives them very little choice in terms of coverage or providers.

How can Finkelstein’s proposal be implemented?

Finkelstein’s proposal would require a significant investment of government money. However, she argues that the investment would be worth it in the long run.

Finkelstein estimates that her proposal would save the US government $3.2 trillion over ten years. This is because the government would be able to negotiate lower prices for prescription drugs and other medical services.

Finkelstein’s proposal could be implemented through a number of different mechanisms. One option would be to create a public option, which would allow Americans to buy into a government-run health insurance plan. Another option would be to expand Medicaid, which is a government health insurance program for low-income Americans.

Finkelstein’s proposal is a bold one, but it is also a realistic one. The United States has the resources to provide universal healthcare to its citizens. It just needs the political will to do so.
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