Healthcare costs are a major topic in Tennessee. This report focuses specifically on the daily per person cost of healthcare in Tennessee, and how a "Medicare for All" system could impact this daily cost. We will examine current spending and estimate the potential daily cost under a Medicare for All framework.
To understand the daily cost, we start with the current annual healthcare spending per person in Tennessee:
Based on data from the Kaiser Family Foundation (KFF), the annual per capita personal healthcare spending in Tennessee was about $9,336 per person in 2020. This is the average yearly amount spent on healthcare for each Tennessean.[1]
[1] Source: Kaiser Family Foundation (KFF): Health Care Expenditures per Capita by State of Residence
Now, let's estimate the daily cost per person under a Medicare for All system in Tennessee. We will use a potential savings estimate from a review of multiple studies, which suggests average savings of around 3.9% of national health spending.[2] Applying this to Tennessee:
To find the daily cost:
Estimated Daily Cost: $8,972 per year / 365 days = Approximately $24.58 per person per day
Therefore, the estimated daily healthcare cost per person in Tennessee under a Medicare for All system could be around $24.58, based on potential savings. This is an average, and individual daily healthcare needs and costs would vary.
[2] Source: PubMed: Cost of Medicare for All: Review of the Estimates
This report focused on the daily per person healthcare cost in Tennessee. Currently, annual per capita spending is around $9,336. Under a Medicare for All system, with potential savings, this could translate to an estimated daily cost of approximately $24.58 per person. This daily figure provides a concrete way to think about the average healthcare expenditure for each Tennessean under a single-payer system. Policy decisions regarding healthcare will determine the future costs and access for residents of Tennessee.
Important Note: The daily cost estimate for Medicare for All is based on potential savings and is subject to debate. Actual costs would depend on the specific design of a Medicare for All system and future healthcare trends. This report provides a simplified daily cost estimate for context.