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Old 03-20-2020, 04:30 PM
Wesley Clark's Avatar
Wesley Clark is offline
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Quote:
Originally Posted by Northern Piper View Post
I donít want to derail this thread, but would like a point of clarification.

I thought Medicare actually isnít single payer, that people on Medicare have to pay for additional parts or something, through private insurers, and also still have to make floats themselves, or have limits on how much Medicare will pay. Have I misunderstood?
Medicare is a single payer system with an actuarial value of maybe 80% (meaning it covers about 80% of your medical bills). I forget the actual actuarial value. But some single payer systems have actuarial values closer to 95%, meaning you have almost no deductibles or copays.

It is funded via FICA taxes, each employee pays 2.9% of their gross income in taxes split between employer and employee. High income people pay a 3.8% FICA tax for medicare.

So its a single payer system in the sense that its a publicly funded insurance system. However not all medical practitioners take it, and it only covers about 70-80% of medical costs.

The remaining 20% of medical costs are usually paid out of pocket or via private insurance. Medigap, medicare D, long term care insurance, etc.
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Last edited by Wesley Clark; 03-20-2020 at 04:33 PM.