There is a huge debate about the overhaul of the health care system in the US. Though the responses from various sectors have been mixed, reports state that including an option of government-run public insurance along with the existing private insurance policies would reduce the administration costs by around $265 billion within a span of 10 years between 2010 and 2020. Less than $1 trillion of federal budget costs has been allocated for a period of 10 years for the purpose of reforming health care legislation for 10 years.
To stick to this budget, it is very important to have a choice of both private and public insurance plans for families or businesses to choose from. This is because public insurance plans can improve the efficiency of the health care system thereby contributing to large reduction in the cost. Without this option, the possibility or the potential of savings would be lost.
It has also been estimated that about $3 trillion can be saved by the year 2020 if nearly universal health insurance coverage can be brought about as a result of the health care overhaul. For this purpose, a proposal for a national insurance exchange has been put forward that would be provide a benchmark for a standardized benefit of the insurance plans.
