Single payer healthcare will never happen in America: I have changed my mind

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For example, Britain has a relatively well-regarded universal healthcare system that every citizen pays for through national income tax. The tax rate for income tax and National Health Insurance in the United Kingdom (England) in 2015-16 for all citizens earning between zero and £31,785, considered basic-rate (flat rate) taxpayers, is a whopping 20 percent of their entire income. It is a full 15 percent more than America’s middle class tax rate and would entail a 20 percent tax hike for 45 percent of Americans who pay nothing now.

If a British citizen earns just one pence over that “basic threshold,” their income tax rate jumps to 40 percent up to £150,000. For income over that number the rate is 45 percent; all to cover the National Health plan administered solely by the government with a form of rationing.

For a comparison, and one reason why many Democrats are reticent to go all-in to support enactment of single-payer in America, in 2015, 45 percent of Americans with earned income paid zero income tax. One cannot comprehend how nearly half of the population living in poverty and barely making it and then saddled with a 20 percent tax bill will embrace being poorer to have basic healthcare when they will be unable to eat or pay rent.

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We really need it in California, just to see.

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California is essentially budgeting $10,000 per person, per year for universal healthcare. Most expect the costs to be more than that.

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Insurance companies do not have high profits

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In fact, UnitedHealth announced record-breaking profits in 2015, followed by an even better year this year. In July 2016, UnitedHealth celebrated revenues that quarter totalling $46.5 billion, an increase of $10 billion since the same time last year. And company filings show that UnitedHealth’s CEO Stephen J. Hemsley made over $20 million in 2015. To be fair, that is a pay cut. The previous year, in 2014, Hemsley took home $66 million in compensation.

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LSUcjb318

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The problem here is that between them the five biggest health insurers—UnitedHealthCare, Wellpoint, Aetna, Humana, and Cigna—which cover 105 million members, last year had profits between them of $11.8 billion. This is not a small number; these are very profitable companies. But total U.S. health care costs last year were in the area of $2.3 trillion.

So, with a membership that included a little more than half of the Americans covered by private insurance, these five insurers' profits came to 0.5 percent of total health care costs.

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But total U.S. health care costs last year were in the area of $2.3 trillion.

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