What's in Sen. Bernie Sanders' 'Medicare for All' bill — 5 quick points

Sen. Bernie Sanders, I-Vt., along with 16 cosponsors introduced a "Medicare for All" bill aimed at transforming the healthcare system into a government-run single payer system that would expand coverage to more Americans. The bill is not expected to pass the Senate, but has gained steam since the last time Sen. Sanders introduced the idea in 2013 with no co-sponsors.

Here are the key aspects of the plan, according to NPR:

1. The plan is a single-payer plan, meaning the government would become the payer on all health expenses.

2. Private insurance companies would no longer be part of the Medicare system.

3. The plan would take effect over four years, lowering Medicare eligibility to 55 years old in the first year, and then lowering the age by 10 years for the subsequent two years. Four years after implementation, the bill would cover all ages.

4. Coverage would expand beyond current Medicare coverage — and beyond many private insurance plans — extending to dental and vision care.

5. Proposed payment for the plan includes a 7.5 percent payroll tax on employers and 4 percent individual income tax. Other taxes on wealthy Americans and corporations would be implemented to cover the expenses. However, employers would be able to deduct insurance premiums on taxes.

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