Expanding the nation’s Medicare program to cover people of all ages would save the government billions of dollars, according to a new study released Wednesday.
The study found that a single-payer health care system based on the principles of legislation by Rep. John Conyers, Jr. (D-Mich.), the Expanded and Improved Medicare for All Act, would save the federal government about $592 billion in one year.
That’s more than enough to pay for comprehensive benefits for all Americans at a lower cost to the public, according to Physicians for a National Health Program, which circulated the study. The extra money would go to paying down the national debt.
The savings would come from slashing administrative waste and negotiating drug prices.
The study was conducted by Gerald Friedman, a professor of economics at the University of Massachusetts, Amherst.
“Paradoxically, by expanding Medicare to everyone we’d end up saving billions of dollars annually,” Friedman said. “We’d be safeguarding Medicare’s fiscal integrity while enhancing the nation’s health for the long term.”
The study comes as Republicans in Congress are pulling out all the stops to repeal President Obama’s health care overhaul. Tea Party Republicans have in recent weeks vowed to oppose any measures to keep the government running after the current funding bill runs out on Sept. 30 if it also means funding ObamaCare.
Republicans have generally opposed the idea of a single-payer health care system in the past.
By Lara Seligman, The Hill