The cost of uninsured people seems to be $49 billion in 2011 (http://www.newsmax.com/US/Obamacare-healthcarereform-uninsured-pay/2011/05/10/id/395835), so let's say $50 billion. I'm pretty sure this only covers the ER visits we've been talking about, not plain old preventative medicine or regular checkups.
Medicare spent $560 billion in 2010 (https://en.wikipedia.org/wiki/Medicare_%28United_States%29#Financing_of_Medicare).
610 / 560 = 1.089
So Medicare deductions overall would increase 9%. The Medicare paycheck withholding is 1.45%, so the new paycheck withholding would be 1.58%. The employer withholding would also increase from 1.45% to 1.58%.
US median income (http://en.wikipedia.org/wiki/Household_income_in_the_United_States) is $57,500. 1.45% of this is $833, 1.58% is $909, so if you're making median income you'd pay $76 more per year.
This older article (http://www.usatoday.com/money/industries/insurance/2009-05-28-hiddentax_N.htm) says the average insurance premium is $1k more per year because of the uninsured. Insurance premiums and healthcare costs have gone up a lot in the past couple years, but let's just use that.
This is all back of the napkin of course.
Is everyone who pays into Medicare paying $76 more per year worth people who pay insurance paying $1k less per year?
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timeasmymeasure
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Date: 2012-04-01 05:28 am (UTC)Medicare spent $560 billion in 2010 (https://en.wikipedia.org/wiki/Medicare_%28United_States%29#Financing_of_Medicare).
610 / 560 = 1.089
So Medicare deductions overall would increase 9%. The Medicare paycheck withholding is 1.45%, so the new paycheck withholding would be 1.58%. The employer withholding would also increase from 1.45% to 1.58%.
US median income (http://en.wikipedia.org/wiki/Household_income_in_the_United_States) is $57,500. 1.45% of this is $833, 1.58% is $909, so if you're making median income you'd pay $76 more per year.
This older article (http://www.usatoday.com/money/industries/insurance/2009-05-28-hiddentax_N.htm) says the average insurance premium is $1k more per year because of the uninsured. Insurance premiums and healthcare costs have gone up a lot in the past couple years, but let's just use that.
This is all back of the napkin of course.
Is everyone who pays into Medicare paying $76 more per year worth people who pay insurance paying $1k less per year?