So you say. What makes you think Medicare for All would cost you less that current premiums do?
Notice how you leave out OOPE like deductibles, drug costs, copays, and coinsurance. So it's not a comparison between the Medicare Tax and the premium, it's a comparison of the Medicare tax vs. the premium + OOPE.
Secondly, the Medicare tax is currently 1.45%. Doubling it to 2.9% on the median HH income of $59,000 results in a cost of $1,711.
According to Kaiser Family Foundation, the average amount the average person spends
on just premiums in the individual market is about $3,500. For those who get coverage through their employer, the average is about $5,000. And all that is before OOPE.
So the math is pretty simple:
M4A: $59,000 x 2.9% = $1,711
Current system for individuals: $3,500 + OOPE
Current system for individuals with coverage through their employer: $5,000 + OOPE
Even businesses would spend less; and let's use an example of a small business of 50 employees that makes about $100K in profit. The average amount a business spends to insure a worker is about $14,000, according to Kaiser Family Foundation. If we assume all employees make the median HH income of $59,000:
Current system: 50 employees x $14,000 = $700,000
M4A: (50 employees x $59,000 x 2.9% Medicare Tax) + (6.2% x $100K profit) = $91,750
Is $91,750 > or < $700,000 in Conservatardia these days?