Economic Impact Study
Besides providing you, your family and all of Pennsylvania with comprehensive health care coverage, single payer also offers a better financial outlook for everyone involved. It not only means that more money is put back into your pocket and kept in your bank account, but also a healthier bottom line and a more robust economic climate for businesses already here and those looking to relocate to our state.
Strictly in terms of dollars and cents, here are just a few of the highlights from our 2014 Economic Impact Study that showcase the benefits for both individuals and businesses.
- Elimination of premiums, co-pays, deductibles and out-of-pocket expenses
- Possible tax relief due to savings the municipalities and school districts would experience
- Increase in net income for the bottom 85% of working Pennsylvanians – the category into which most of us fall
- Elimination of “job-lock” – the need to stay in a place of employment simply for the purpose of keeping health care
- Net job creation in all sectors of the PA economy estimated to be between 120,000 to 200,000 jobs
- Companies and businesses that spend more than 10% on health benefits – which most do – will save money
- A more level playing field
- Declining payroll costs
- Lower cost for vehicle insurance
- Lower workers compensation
- Lower liability insurance
- Elimination of COBRA obligations.
- Tort reform
- Removal of retiree health care costs, or “legacy costs”
- Elimination of contentious collective bargaining over health care
- The end to double-digit percentage increases
- Promotion of a true free and open market principles, but where it should be – at the provider level (doctors, hospitals, etc.), not at the insurance company level.
Perhaps you want to get into the nitty-gritty of the report, complete with cool, colorful charts and graphs. Maybe you’re just a fan of stats. Whatever the reason, if you want to see the actual Economic Impact Study for yourself, you can right here.