UMass Amherst Econ. Dept. Chair [Gerald Friedman] Documents $45B Net Savings to Families, Businesses, Taxpayers from "NY Health" Program
98% of Households Would Pay Less Than They Do Now and 200,000 Jobs Would Be Created
New York would net savings of $45 billion a year by creating a universal health plan, even after counting increased spending to cover the uninsured and eliminate co-payments, deductibles and out-of-network charges, according to an economic analysis released Tuesday, March 10. The Chair of the Economics Department at the University of Massachusetts at Amherst released the comprehensive economic study of the New York Health Act (A.5062, Gottfried/S.3525, Perkins), a proposed universal health care program for New York State. The full report can be found here.
Key findings include:
The Act would save $71 billion in its first year: