Even with the tremendous critiques, many supporters of healthcare reform have asserted that increasing Americans’ access to health insurance plans will wind up saving the whole country money in the long run. While they have acknowledged the need for almost a trillion dollars in expenses, most Democrats in Congress believe that it will result in savings due mainly to an increase in preventative care.
In a recent report released by the Department of Health and Human Services, it states that when taking both public and private costs into account, the current healthcare reform proposals will cause spending on health insurance plans to increase over the years. At present, medical spending makes up about 15% of the GDP: $2.5 trillion each year. Backers of reform have promised that increased efficiency and the lack of a profit motive will drive health expenses down. HHS investigators compared that promise to Medicare, the government-sponsored health insurance coverage for those over the age of 65. Although part of the cost of reform is set to be paid for through $493 billion in cuts and modifications to Medicare, the HHS has found that whenever Congress drastically lowers the program’s budget in one year, at least a portion of it is restored in the next funding.
On a more positive note, if the bill passes, 93% of the country’s population would be covered under numerous health insurance plans. Plus, prominent Democrats such as Chris Dodd claim that reports have shown that the programs will stay solvent for at least 75 years.
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