1 / 13

Healthcare Calculator

Healthcare Calculator. Estimate your savings with HR 676 “The United States National Health Care Act” or “Expanded and Improved Medicare for All”. Dollars and Sense Magazine May/June 2008 issue.

regina-gilmore
Download Presentation

Healthcare Calculator

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Healthcare Calculator Estimate your savings with HR 676 “The United States National Health Care Act”or “Expanded and Improved Medicare for All”

  2. Dollars and Sense MagazineMay/June 2008 issue According to Joel Harrison, Ph.D., MPH, Americans underestimate how much they subsidize the current U.S. health care system out of their own pockets. Even people without health insurance pay large sums into the system today – and for a system that provides seriously inadequate care to millions of Americans.

  3. Some of the HR 676 Proposed Funding Sources • A great deal of U.S. health care is currently funded by taxes. The tax support for these services would likely remain unchanged under HR 676. Some examples are: • VA and active duty military medical services • Indian Health Service • Medicaid, Medicare, government (federal, state, local) employees’ health insurance

  4. Some of the HR 676 Proposed Funding Sources • Currently, all U.S. citizens and residents pay 1.45% of gross wages or income from work as a standard Medicare tax. This portion of annual health care costs will not change under HR 676. • Instead of private health insurance premiums and out-of-pocket payments, HR 676 proposes payroll taxes on employee, employer, and the self-employed to partially fund universal, guaranteed, comprehensive health care for life.

  5. Some of the HR 676 Proposed Funding Sources • Other funding includes • A small tax on stock transactions • A small income surtax on the top 5% income bracket • Savings from administrative simplification and bulk purchasing of drugs and other medical supplies.

  6. Estimate Your Savings • Savings depend on whether you are • An Employee of a company • Self-Employed

  7. Employee Savings • Take your gross annual income • Example: $50,000 • Calculate your new health care payroll tax of 3.3% • $1,650 • Now, your current annual Medicare tax of 1.45 % partly funds health care. This tax is unchanged and is still taken out of your payroll check • $725

  8. Employee Savings • Your employer’s contribution to health care under HR 676 is 4.75 % of your annual gross income • $2,375 • Add these contributions together. They replace ALL health insurance premiums and most out-of-pocket health costs. • Payroll Tax + Medicare Tax + Employer Contribution = $1,650 + $725 + $2,375 = $4,750 • Remember you only pay the Payroll and Medicare Tax • $1,650 + $725 = $2,375 per year for guaranteed, comprehensive, and quality health care

  9. Self-Employed Savings • Take your net annual earnings (not gross income, only what is taxable) • Example: $50,000 • Calculate your new health care payroll tax of 3.3% • $1,650 • Now, your current annual Medicare tax of 1.45 % partly funds health care. This tax is unchanged and is still taken out of your payroll check • $725

  10. Self-Employed Savings • You also pay the matching employer contribution of 4.75% • $2,375 • Add these contributions together. They replace ALL health insurance premiums and most out-of-pocket health costs. • Payroll Tax + Medicare Tax + Employer Contribution = $1,650 + $725 + $2,375 = $4,750 per year for guaranteed, comprehensive, and quality health care

  11. CONCLUSIONS • A system based in private insurance plans • Will not lead to universal coverage • Will not create affordable health care • A Medicare for All System • Can provide comprehensive services while costing no more than present • Can provide tools to control costs in the future

  12. We Must Not Rest! Opponents of Healthcare reform are trying to weaken those reforms that were passed. If we do not demand meaningful reform such as a “Medicare for All” national health program, Americans will end up with even less than what is promised in the new healthcare reform law.

  13. Join Us We must continue to push for healthcare reform. This time we need to have a full and open discussion including Single-Payer. Health Care For All Texas is a Chapter of Physicians for a National Health Program and a member organization of the national single-payer coalition, The Leadership Conference For Guaranteed Healthcare www.HCFAT.org

More Related