Medicare for All Act introduced reports that Sen. Ted Kennedy (D Mass) and Rep. John Dingell (D Mich) have introduced a “Medicare for All” universal coverage bill. Evidently Medicare for All is a bit of a misnomer. Senator Kennedy’s press release informs us that under the measure,

  • Benefits available to the under 65 population under the expanded Medicare program will be the same as those provided under Medicare, with additional benefits appropriate to the wider age range served by the new program. Enrollees may also choose any private insurance plan available to members of Congress under the Federal Employees Health Benefit Program.
  • The plan will be financed by a combination of payroll taxes and general revenues that will substitute for private payments. A preliminary estimate of the payroll tax financing necessary will be a payment of 7 percent of payroll by businesses and 1.7 percent by workers. By comparison, businesses providing coverage today spend an average of 13% of payroll to cover their workers.