The Single-Payer System Promises Various Economic Benefits

The Single-Payer System Promises Various Economic Benefits
Concept A
In order to recognize the possible costs linked to a single-payer system, it is necessary to appraise its financial feasibility. The single-payer system promises various economic benefits emanating from lowering the skyrocketing administrative costs, mainly insurance- and billing-related costs within the existing United States (U.S.) health care delivery systems, even when considering the scaled-up coverage among populations currently uninsured and living within the nation. Nevertheless, critics argue that a single-payer will cost the national government more finances, increase the mandatory federal budget, and lead to deficit spending or higher taxation (or both) (American Public Health Association, 2019).
In this context, I learned that the costs associated with a single-payer system could contribute to devastating health and financial outcomes for low-income Americans. The single-payer system necessitates significant increases in federal government expenditures. Thus, higher taxes are paid by all the healthcare stakeholders to meet the rising medical care costs (Blumberg & Holahan, 2019). In this way, there is a need for appropriate revenue collection and budgetary reforms targeting healthcare financing to create a more sustainable funding approach to support the single-payer system (American Public Health Association, 2019). In my future career, I would use this knowledge to manage the disruptions associated with implementing the tax-based funding of medical care (Levitt, 2018). Since every individual is automatically insured within the single-payer framework, this knowledge would help design cost standardization measures to ensure some users do not pay more than others to receive high-quality care services (Blumberg & Holahan, 2019). Therefore, I would design strategies to standardize health care quality within the system to avoid persistent inequities in access and the rising cost of living, which exacerbate healthcare inequalities.
Concept B
The U.S. can pay for health care for all through the single-payer program. In this model, all Americans would have equal access to similar services, and healthcare providers would be reimbursed similarly for similar services rendered. A government taxing system would replace the insurance firms’ premiums (Markowitz & McLeod-Sordjan, 2021). The insights gained herein are that the single-payer system would ensure universal coverage and enhance ...