How Do the Different Types of Healthcare Systems Compare?
Single Payer Health Insurance vs. Universal Healthcare vs. Socialized Medicine
Healthcare reform in the United States has been a talking point for decades, particularly as hospital and prescription drug expenses increase. Unfortunately, there is a lot of misinformation regarding single payer health care, universal healthcare and socialized healthcare. Oftentimes, these terms are used interchangeably in spite of the fact that they have some major differences. Understanding what each system is and just as importantly, what each system is not, is important for keeping up with the ongoing debate.
Single Payer Health Insurance
Unfortunately, for many, health insurance is a significant cost burden. Even those who have access to an employer-sponsored plan may have a hard time affording their monthly premium. The cost of healthcare is continuing to climb, and there is a lot of talk about what can be done to keep costs affordable for the average American. As the U.S. government works to find a solution to the country’s healthcare problem, one of the phrases that have been tossed around a lot is “single-payer health care system.”
With a single payer system, there is one entity that collects all healthcare fees and pays for all healthcare costs. Rather than multiple competing health insurance companies, there is one public or quasi-public agency that finances healthcare for everyone in the system. Essentially, everyone would have the same health insurance plan from the same health insurance company. In countries with single payer health insurance, citizens have access to all necessary medical care, including vision care, dental care, doctors and prescription drugs and are able to choose where to receive care. This system is similar to our current Medicare system.
The primary benefit of single payer health insurance is that it is associated with significantly fewer administrative costs. Because fewer entities are involved, overall expenses and wasteful spending are easier to control. Currently, there are 17 countries with single payer health insurance, including Japan, the United Kingdom, Finland, Spain and Iceland.
Is a Single-Payer System the Same as Socialized Medicine?
With socialized medicine, the government owns the hospitals, purchases the technology, such as MRI scanners and X-ray machines, and employs doctors, nurses and specialists. This system is used around the world with varying degrees of success.
Single-payer health care, however, is not the same thing as socialized medicine. While there is one payer in charge of purchasing a majority of the medical care, that payer does not own the technology or the hospitals, and it does not employ the medical care providers. In addition to this, the payer is not necessarily the federal government; in theory, it could be the state or even a health insurance company that managed to secure 100 percent of the market share.
Medicare is an Example
Medicare is an example of a mostly single-payer health care system that we currently have in place. Medicare beneficiaries have private insurers to choose from, but the government is the main purchaser.
Finding Affordable Healthcare Coverage with Nevada Insurance Enrollment
A single hospital stay can end up costing tens of thousands of dollars, and even routine care can be very costly. Few people are in a position to handle a medical emergency without seriously jeopardizing their financial outlook. Finding affordable health insurance coverage can be a challenge, but at Nevada Insurance Enrollment, our health insurance agents specialize in helping people with nearly any budget find good health insurance coverage. Reach out to us today to talk about your options.
Recent Posts
How To Surrender Your Vehicles License Plates
Every state has its own laws for what you should do with your license plates if you sell your vehicle or cancel your auto insurance policy. In some states, you are allowed to keep personalized and vanity plates, but you must turn in regular license plates.
Why You Shouldn’t Ignore Vehicle Recalls
If you get a recall notice in the mail, read the letter carefully. It describes the issue and outlines any risk that it poses or warning signs that you should pay attention to. It also gives you a timeline within which you have to schedule an appointment with a licensed dealer to have the issue taken care of.
2024 Obamacare Health Insurance Open Enrollment
Health Insurance Open Enrollment is Here! Open Enrollment for Obamacare health insurance coverage is from November 1st, through January 15th. If you call after January 15th, you will have missed the time frame to receive a Health Insurance Subsidy and a Qualified Health Insurance Plan.
Search This Website
Most Popular Pages
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog
#5) Request a Quote
Top 5 Most Popular
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog Posts
#5) Request a Quote
Recent Posts
Auto Insurance with a Suspended License
In Nevada, if you accrue a certain number of demerit points within a 12-month period, your license is automatically suspended for six months. If this happens, you may wonder what happens with your auto insurance policy.
Top Affordable Health Insurance Options in Nevada For 2021
When choosing the best health insurance coverage, it is important to consider your expected medical expenses. Depending on your income and the plan you choose, you may qualify for premium tax credits and cost-sharing reductions, making robust health insurance coverage even more affordable.
How To Find Auto Insurance After A DUI Charge
Risky behavior, such as driving under the influence of drugs or alcohol, is a big red flag to auto insurance companies and usually results in a significantly higher monthly premium. While your auto insurance company cannot drop you as a customer after you receive a DUI, they can decide to not renew your policy after your term is up.
Does Auto Insurance Cover Riots?
No one wants to be victims of property damage resulting from rioting, and fortunately, auto insurance companies already have provisions for this risk in their coverage options. In fact, there is no need to purchase separate riot, vandalism and civil commotion coverage; if you have comprehensive auto insurance, you most likely have this coverage.