Universal health care can have a significant impact on your health and financial well-being. America spends a higher percentage of its gross domestic product on health care than any other country, according to the World Health Organization (WHO). Yet, it ranks only 37 out of 191 countries when it comes to performance. The fallout from failed health-care systems includes unnecessary suffering and deaths, disability and financial difficulty. However, a universal health-care system can prevent some of these problems.
Fewer Bankruptcies
In 2007, more than 60 percent of bankruptcies were related to health-care costs, according to a study published in the "American Journal of Medicine." Even more alarming is that almost 80 percent of people who filed for bankruptcy because of medical problems had insurance at the onset of their illness. Most were middle-class homeowners.
In many cases people lost their jobs, which meant they also lost their employer health insurance, and their financial problems became even worse. As lead author Dr. David Himmelstein says, “Unless you're Warren Buffett, your family is just one serious illness away from bankruptcy.” By comparison, in countries with universal health coverage, bankruptcies are rarely related to medical costs.
More Accessible Medical Care
Currently, millions of Americans are delaying medical treatment because they cannot afford it. In a survey conducted by the National Council on Aging with support of The Atlantic Philanthropies and the California HealthCare Foundation, people admitted they didn’t seek treatment or fill prescriptions even if they had a chronic condition or were living in pain.
A universal health-care system reduces financial worries so you can get necessary—and preventive—medical treatment. It also reduces the risk that your health problem will become more complicated and more expensive to treat.
More Job Choice
Millions of Americans are in “job lock,” which means they’re stuck in their jobs so they can keep their employer-paid health insurance. "Bloomberg Businessweek" points out that there’s ample proof of job lock. For instance, millions of Americans take the entrepreneurial route when they reach 65 and can receive Medicare benefits.
However, staying in a job until you’re 65 to collect health benefits isn’t for everyone. In some cases—such as a toxic work environment or workplace bullying—it’s not even an option. A universal health-care system gives you more choice as an employee. It can also improve your health by allowing you to more easily escape a highly stressful work environment. Stress is linked to several serious health problems such as injury, depression and anxiety.
Less Stressful Parental Care
Not everyone can afford to assist parents with medical bills. As a result, more parents are moving in with their adult children to reduce overall cost of living—including health-care costs. According to the U.S. Census Bureau, the number of parents living with adult children skyrocketed by 60 percent between 2000 and 2007.
Living with an ill parent takes a toll on adult caregiver children, who are overwhelmingly women. It can drain you emotionally, socially and financially, explains the Family Caregiver Alliance. A universal health-care plan helps to relieve some of that burden.
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