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A new study published in The Lancet adds to the growing appealof Medicare for All, estimating that the approach to U.S.healthcare would not only save $450 billion, but would also savemore than 68,000 lives from unnecessary death—every year.

The study found that replacing premiums, deductibles,co-payments, and out-of-pocket costs with a progressive tax systemwould result in thousands of dollars a year in savings for theaverage family, and would be most beneficial for lower-incomehouseholds.

Between expansion in coverage and cost savings, the study'sauthors estimate that a Medicare for All system would cut nationalhealthcare spending by 13 percent, or more than $450billion annually. In addition, funding the whole systemwould cost less than the total amount that employers and employees are currently paying forhealth insurance premiums, combined with the funding providedby existing government allocations for medical premiums.

According to Common Dreams, the latest study earnedpraise from Sen. Bernie Sanders. "In other words,guaranteeing healthcare as a human right by creating a Medicare forAll system will cost substantially less than our currentdysfunctional healthcare system," Sanders said. "It will saveworking-class families thousands of dollars and it will preventtens of thousands of Americans from dying each year."

Individuals and employers are not the only ones who wouldbenefit from the Medicare for All Act, either, according to thestudy. Struggling hospitals in low-income communities would nolonger have to deal with uncompensated care, and would benefit fromthe increase of Medicaid rates to match Medicare levels. Thehospitals would also be able to cut administrative overhead.

The study "debunks several attacks on Medicare for All from theprivate healthcare industry," according to CommonDreams, which points out that doctors and hospitals wouldhave more time to spend with patients and have fewer expenses frommore streamlined administrative and billing systems.

The study is one of many concluding that a single-payerhealthcare system would result in improved health outcomes forAmericans while also saving money and cutting waste from thehealthcare system.

Another such survey, published in PLOS Medicine earlier thisyear, looked at studies from the past 30 years and found that 19out of 22 would decrease costs in the first year and providesignificant savings within a decade.

From: BenefitsPro