The cost estimate came in for the 'Californians for a Healthy California Act' (SB 562) as announced yesterday by the Sacramento Bee.
"The price tag is in: It would cost $400 billion to remake California’s health insurance marketplace and create a publicly funded universal heath care system, according to a state financial analysis released Monday."
"California would have to find an additional $200 billion per year, including in new tax revenues, to create a so-called “single-payer” system, the analysis by the Senate Appropriations Committee found. The estimate assumes the state would retain the existing $200 billion in local, state and federal funding it currently receives to offset the total $400 billion price tag."
I have considered that a chunk of the shortfall could be recovered from employer plans. The article says that $100-$150 billion could be available to offset.
Remember, the Healthy California Act, if made law, would eliminate all private health insurance including employer-sponsored coverage.
Read the full Sacramento Bee article
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