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A customer used an automated teller machine (ATM) at a Truist Bank branch in Dallas, Texas, US, on Friday, April 14, 2023.
Shelby Tauber | Bloomberg | Getty Images

The health care sector experienced rapid change over the past decade with the rise of digital services, bringing a range of opportunities to invest. 
TipRanks recognized Wall Street’s 10-best analysts in the space for identifying the best investment opportunities. These analysts outdid their peers with their stock picking and generated noteworthy returns through their recommendations.

TipRanks leveraged its Experts Center tool to recognize the ones with a high success rate. We also analyzed each stock recommendation made by health care sector analysts in the past decade. 
The ranking shows the analysts’ ability to deliver returns from their recommendations. TipRanks’ algorithms calculated the statistical significance of each rating, average return and the analysts’ overall success rate. In addition, every rating was measured over one year.

Top 10 analysts from the healthcare sector

The image shows the most successful Wall Street analysts from the healthcare sector, in descending order.

Arrows pointing outwards

1. Thomas Smith – SVB Securities 

Thomas Smith tops the list. Smith has an overall success rate of 51%. His best rating has been on Viking Therapeutics (NASDAQ:VKTX), a clinical-stage biopharma company focusing on therapies for metabolic and endocrine disorders. His buy call on VKTX stock from April 27, 2022 to April 27, 2023 generated a stellar return of 791.30%.

2. Brandon Couillard – Jefferies 

Brandon Couillard is second on this list and has a success rate of 68%. Couillard’s top recommendation is Exact Sciences (NASDAQ:EXAS), a provider of cancer screening and diagnostic tests. The analyst generated a profit of 450% through his buy recommendation on Exact Sciences stock from May 4, 2016 to May 4, 2017. 

3. David Windley – Jefferies 

Jefferies analyst David Windley ranks No. 3 on the list. Windley has a success rate of 68%. His best recommendation has been on Medidata Solutions, a tech-based company with clinical expertise. Dassault Systemes later acquired Medidata. The analyst generated a turn of 175.70% through a buy recommendation on MDSO from Aug. 01, 2012 to Aug. 01, 2013.

4. John Eade – Argus Research 

John Eade bags the fourth spot on the list. The five-star analyst has a 69% overall success rate. Eade’s best recommendation has been on Moderna (NASDAQ:MRNA), a pharmaceutical and biotechnology company. His buy call on MRNA stock generated a 265.90% return from June 30, 2020 to June 30, 2021.

5. Michael Wiederhorn – Oppenheimer

Fifth-place analyst Michael Wiederhorn has a success rate of 66%. His best recommendation is Community Health Systems (NYSE:CYH), a company engaged in the management and operations of hospitals. The analyst delivered a profit on this stock of 298.2% from May 1, 2020 to May 1, 2021.

6. Charles Duncan – Cantor Fitzgerald

Taking the sixth position is Charles Duncan. The analyst has a success rate of 52%. His top recommendation was Novavax (NASDAQ:NVAX), a biotech company that develops vaccines. Through his buy call on NVAX stock, Duncan generated a solid return of 800% from March 17, 2020 to March 17, 2021.

7. Yaron Werber – TD Cowen

TD Cowen analyst Yaron Werber is seventh on this list, with a success rate of 65%. Werber’s best call has been a buy on the shares of Ultragenyx Pharmaceutical (NASDAQ:RARE), a biopharma company focusing on developing innovative medicines for rare and ultrarare diseases. The recommendation generated a return of 267.50% from Dec. 18, 2019 to Dec. 18, 2020.

8. Geulah Livshits – Chardan Capital

In the eighth position is Geulah Livshits of Chardan Capital. Livshits has an overall success rate of 42%. The analyst’s top recommendation is Cabaletta Bio (NASDAQ:CABA), a clinical-stage biotech company focused on developing therapies for autoimmune diseases. Based on her buy call on CABA, the analyst generated a profit of 800% from Oct. 11, 2022 through now. 

9. Richard Newitter – Truist Financial

Richard Newitter ranks ninth on the list. The five-star analyst sports a 62% success rate. His top recommendation has been on Organogenesis (NASDAQ:ORGO), a regenerative medicine company providing products for advanced wound care and surgical biologics. The buy recommendation generated a return of 397.9% from May 12, 2020 to May 12, 2021.

10. Boris Peaker – TD Cowen

Boris Peaker has the 10th spot on the list, with a success rate of 47%. Peaker’s best call has been a buy on shares of Trillium Therapeutics, a clinical-stage company developing therapies for cancer treatment. Pfizer (NYSE:PFE) later acquired Trillium. The recommendation generated a return of 800% from Jan. 7, 2020 to Jan. 7, 2021.

Bottom Line

Investors could follow the recommendations of top analysts to form a well-informed investment decision. You can also look at all the analysts who made it to the top 100 list. We will soon return with the top 10 analysts of the past 10 years from the Consumer Goods sector. More

Getting married is a major commitment. Going to the wedding as a guest is its own financial obligation.
As more couples choose to go all out, guests are spending more than $600, on average, on travel and accommodations, gifts and special-occasion attire and preparation, according to a recent report.
How much you spend should have less to do with what kind of wedding you are attending and more to do with your own budget and feelings about the couple, one expert said.

Marc Debnam | Getty Images

Weddings are expensive, and not just for the bride and groom.
As more couples choose to go all out on their nuptials, the average guest will spend $611 on travel and accommodations, gifts and special-occasion attire and preparation this year, according to a recent report by Bankrate.com. Wedding gifts alone average $180.

“Like just about everything else, inflation and higher interest rates are taking a toll on wedding attendees,” said Ted Rossman, Bankrate’s senior industry analyst.
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At a time when many households are already stretched thin, every “yes” RSVP poses a potential financial strain.
About 21% of wedding guests feel pressured to spend more than they comfortably are able to, and 18% must lean on credit cards just to attend, Bankrate found.
According to a separate survey by LendingTree, 40% of those who attended a wedding in the past five years have taken on debt to cover the cost.

For members of the wedding party, it’s even costlier: Nearly two-thirds, or 62%, have spent more than they could afford to celebrate with the bride and groom, and 32% went at least $500 in the red, LendingTree found.

How to say ‘I don’t’ to spending too much

There is no rule of thumb for how much you have to spend on someone else’s wedding, according to Esther Lee, deputy editor and wedding expert at The Knot.
The amount you give should have less to do with what kind of wedding you are attending, and more to do with your own budget and feelings about the couple, she said.
“Determining how generous you choose to be often correlates to your closeness with the couple,” she said. If you’re lifelong best friends, you may want to give a big gift; alternatively, make a contribution to their honeymoon fund, which will be meaningful, Lee advised.

“These are life moments and decision-making factors that no calculator can solve,” she said. 
In any case, determine how much you’re willing to spend and set boundaries to preserve your financial goals. Here are Lee’s top tips for any wedding guest on a budget:

Start a savings fund well in advance. “The more time everyone has to prepare, the better the outcome.”
Track travel prices. Starting early also applies to booking hotels and airfare for destination weddings and bachelorette or bachelor parties. If the group is slow to get organized, “offer to pick up the responsibilities by monitoring accommodation options and flights.”
Remember: Sometimes, you have to say no. If the math just doesn’t add up, there are gracious ways to thank the couple and decline. “Consider throwing the bride-to-be or your friend a celebratory brunch to relay your support.”

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Graduating from college is a major milestone for young adults.
Many new college grads don’t become financially independent until years later.
For parents, supporting grown children can be a substantial drain at a time when their own financial security is in jeopardy.

More than four million new college graduates will head out into the world this month, but it could be years before they pay their own way.
Most people feel like a grown-up by the time they’re 18, and certainly once they have a college degree, but many young adults do not become financially independent until they are well into their 20s.

While older generations are more likely to think their kids should be completely financially independent by the time they turn 21, young adults say that’s a good age to start paying some of their own expenses, such as credit card bills and travel costs, although they believe covering health insurance, student loan bills or rent should come even later, according to a report by Bankrate.com.
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“There’s definitely a disconnect between parents and adult children,” said Ted Rossman, Bankrate’s senior industry analyst.

Young adults face financial challenges

In part, millennials and Gen Z face financial challenges their parents did not as young adults. On top of carrying larger student loan balances, their wages are lower than their parents’ earnings when they were in their 20s and 30s.
Inflation has made it even harder for those trying to achieve financial independence. Soaring food and housing costs pose additional hurdles for young adults just starting out.

Now, 68% of parents with children over the age of 18 are making a financial sacrifice to help support them, according to Bankrate’s report.

Parents are sacrificing their own financial health

From buying groceries to paying for cell phone plans or covering health and auto insurance, parents are spending more than $1,400 a month, on average, helping their adult children make ends meet, a separate report by Savings.com found.
For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is in jeopardy. 
Paying those bills “can also put your own retirement and other financial goals at risk. You can get loans for a lot of things, but retirement isn’t one of them,” Rossman said.
About half of parents with adult children said support has come at the expense of their own emergency savings or ability to pay down debt, while slightly fewer said supporting their children has been detrimental to their retirement savings, Bankrate found.

Kids have to realize that the quid pro quo here is that they’re going to be expected to take care of their parents.

Laurence Kotlikoff
president of MaxiFi

“It’s hard to know exactly where to draw that line,” Rossman said. Make sure the assistance works within your budget and be clear about the parameters — at the very least, discuss it, he advised. “It might help to attach a specific dollar amount or timeframe.”
“Everybody is everyone else’s lifeboat when it comes to hitting an iceberg,” Laurence Kotlikoff, economics professor at Boston University and president of financial planning software firm MaxiFi, told CNBC recently.
However, “it has to go both ways,” Kotlikoff said. “Parents are providing a lot of support and the kids have to realize that the quid pro quo here is that they’re going to be expected to take care of their parents.”
Having an open dialogue can help, he added. “Once that conversation gets going, it can continue for the next 40 years.”
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The U.S. is the “only industrialized nation” without a national paid family and medical leave plan, Sen. Kirsten Gillibrand, D-N.Y., said this week.
An updated proposal from Democrats would give workers up to 12 weeks’ paid leave.

Sen. Kirsten Gillibrand, D-N.Y., urges Congress to make child care affordable, pass paid leave, support care infrastructure, and raise the debt ceiling on May 17, 2023 in Washington, D.C.
Paul Morigi | Getty Images Entertainment | Getty Images

Many workers need to take leave at some point to address their own health needs or to care for a loved one. Yet whether workers have access to those benefits is up to their employer or state.
This week, Democrats in Washington re-upped a push to create a national program to give every worker access to paid family and medical leave.

“After 10 years fighting for paid leave, we are still the only industrialized nation without this essential program,” said Sen. Kirsten Gillibrand, D-N.Y.
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A law that lets workers take unpaid time off to take care of their loved ones or their own health — the Family and Medical Leave Act — recently reached its 30th anniversary.
Now, Gillibrand and Rep. Rosa DeLauro, D-Conn., are putting forward an updated version of the Family and Medical Insurance Leave, or FAMILY, Act, which would provide for paid leave.
“Thirty years ago, we broke ground by enshrining the Family and Medical Leave Act into law, providing unpaid family and medical leave for working Americans,” DeLauro said in a statement, referencing the law passed under President Bill Clinton.

“Let’s break ground again by making it paid,” DeLauro said.

What new paid family leave proposal would cover

The new version of the proposal comes after Democrats had previously reduced their proposal to four weeks’ leave with the hopes of getting it included in a broader package.
The bill now includes partial income for up to 12 weeks’ leave. The typical full-time worker would earn about two-thirds of their normal wages, while low-wage workers would be compensated for around 85%.
The plan covers leave for workers’ and family members’ serious health conditions, or the birth or adoption of a child.

The new version of the bill would provide leave for workers to address the effects of domestic violence or sexual assault.
Other updates to the bill aim to update the definition of the modern family.
That includes a broader range of caregiving relationships, including spouses, domestic or civil union partners, children of any age and their spouses, parents and their spouses, siblings and their spouses, grandparents and their spouses, grandchildren and their spouses, and other individuals related by either blood or kinship.

After 10 years fighting for paid leave, we are still the only industrialized nation without this essential program.

Kirsten Gillibrand
U.S. senator from New York

The bill would cover any worker who has earned at least $2,000 in the past two years, regardless of whether those earnings are covered by Social Security taxes. It would also eliminate an unpaid waiting period for benefits, which previously made it so benefits were not available for the first five days of caregiving.
The proposal would be paid for through a 0.4% payroll tax that would apply to the Medicare taxable wage base.
Workers would still be able to receive paid leave through state programs, as long as the states can demonstrate they are at least as generous as the federal program.

‘Some real momentum’ on paid leave

Research has shown that enacting a federal paid family leave program would have positive benefits.
Workers missed out on roughly $28 billion more in wages between March 2020 and February 2022 compared with the previous two years, research from the Urban Institute has found.
But the challenge is getting bipartisan agreement on a plan. Support for the FAMILY Act in both houses has traditionally been from Democrats, noted Kathleen Romig, director of Social Security and disability policy at the Center on Budget and Policy Priorities.
“To get anything to move in this Congress, you need both Republicans and Democrats,” Romig said.

House speaker Nancy Pelosi, D-Calif., at an August 2020 Washington, D.C., rally organized by the “Paid Leave for All” cross-country bus tour.
Anna Moneymaker | Getty Images News | Getty Images

While Republicans have shown interest in implementing paid leave policies, a sticking point between the parties has been how to pay for those plans.
While Democrats have proposed funding paid leave through payroll taxes, Republicans have generally talked about funding such a plan by having people borrow against other benefits, such as Social Security benefits or child tax credits, Romig noted.
Still, there is some reason to be optimistic about paid leave, Romig said.
“While I don’t think this particular bill is going to be passed into law this year, I also think there is some real momentum here,” Romig said. More

The IRS is preparing to test a free online direct filing system for some taxpayers in 2024.
While pre-populated returns aren’t part of the initial plan, research shows it may be possible for certain filers.

JGI | Blend Images | Getty Images

The IRS is preparing to test a free online direct filing system for some taxpayers — and while pre-populated returns with certain details already filled in aren’t part of the initial plan, research shows it may be possible for certain filers.
As directed by the U.S. Department of the Treasury, the pilot program will launch during the 2024 filing season for some taxpayers to assess the platform’s broader viability.

“We do not expect pre-population or pre-determining tax obligations to be part of it,” IRS commissioner Daniel Werfel told reporters on a press call Tuesday, noting the project’s limited scope.
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However, the IRS may have the future ability to pre-populate nearly half of tax returns, according to a 2022 working paper from the National Bureau of Economic Research.
It’s possible the agency could correctly auto-fill an estimated 62 million to 73 million returns with information it already has, which would cover 41% to 48% of taxpayers, researchers from the Treasury Department, the Minneapolis Federal Reserve and Dartmouth College found.
The paper was based on a random sample of roughly 350,000 individual tax returns from 2019, and accuracy was highest among low- to moderate-income filers. Errors were more likely to occur as itemized deductions increased.

Pre-populated tax returns are common abroad

Bruce Sacerdote, professor of economics at Dartmouth College and co-author of the NBER paper, said he was “impressed” to learn the degree to which other countries are successfully using pre-populated individual tax returns.
As of 2021, more than 45 countries, including Germany, Japan and the U.K., at least partially pre-populate personal income tax returns.
Some countries use “tax agency reconciliation” where residents can elect to have tax authorities auto-complete the data and before filers approve the return. Others may use an “exact withholding system” where employers try to set aside precisely what workers owe.

Possible ‘pitfalls’ of pre-populated tax returns

If the IRS wanted to use pre-populated tax returns, Sacerdote said there would be a few “pitfalls” to address, such as third-party tax forms, known as information returns, which the IRS receives for taxpayers yearly.
“If we were going to still get returns done by April 15, you might need employers and reporters to send information returns sooner,” Sacerdote said.

You certainly worry about nudging people away from their true liability.

Bruce Sacerdote
Professor of economics at Dartmouth College

Another possible issue is correctly inputting a taxpayer’s filing status, which can impact tax liability or a refund. However, that could possibly be reviewed and corrected by taxpayers before filing, he said.
And pre-populated returns could raise questions about taxpayer compliance. Sacerdote added: “You certainly worry about nudging people away from their true liability.”
Of course, it’s still too early to know whether the testing of the IRS’ free online direct filing will be successful.
Ayushi Roy, deputy director at New America, who led the independent third-party task force responsible for reviewing the IRS feasibility report, said there are also organizational and operational challenges to consider for any new project.
“Any technology that you build is only as good as the organizational design, bureaucracy and communication of that organization,” she said. More

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE), January 19, 2022.
Brendan McDermid | Reuters

The financial sector witnessed a rapid transformation over the past decade, with technology reshaping the processes of lending, wealth management and payments.
The transformation also brought opportunities to invest. TipRanks recognizes Wall Street’s 10 best financial sector analysts for capturing the best investment opportunities. These analysts outperformed in their stock picking and earned significant returns from their recommendations.

related investing news

17 hours ago

TipRanks has used its Experts Center tool to identify the top 10 analysts who have a high success rate. To create this list, TipRanks analyzed every recommendation made by financial sector analysts in the past decade. 
The ranking reflects the analysts’ ability to generate returns from their stock recommendations and price targets. TipRanks’ algorithms calculated the average return, statistical significance of each rating, and the analysts’ overall success rate. Further, each rating was measured over one year.

Top 10 analysts from the financial sector

The image shows the most successful Wall Street analysts from the financial sector, in descending order.

Arrows pointing outwards

1. Moshe Orenbuch – Credit Suisse

Moshe Orenbuch tops the list. Orenbuch has an overall success rate of 65%. His best rating has been on the financial services company Ally Financial (NYSE:ALLY). His buy call on ALLY stock from April 17, 2020, to April 17, 2021, generated a return of 220%.

2. Mark Rothschild – Canaccord Genuity

Mark Rothschild is second on this list and has a success rate of 72%. Rothschild’s top recommendation has been on a Canadian real estate investment firm, Dream Unlimited (TSE:DRM). The analyst generated a profit of 108% through his buy recommendation on Dream Unlimited from Feb. 24, 2021, to Feb. 24, 2022.

3. Bill Carcache – Wolfe Research

Wolfe Research analyst Bill Carcache ranks No. 3 on TipRanks’ top 10 financial analysts list. Carcache has a success rate of 71%. His best recommendation has been on Discover Financial Services (NYSE:DFS), a digital banking and payment services provider and credit card issuer. The analyst generated a return of 287% through a buy recommendation on DFS from March 20, 2020, to March 20, 2021.

4. Steve Manaker – Stifel Nicolaus

Steve Manaker bags the fourth spot on this list. The five-star analyst has a 71% overall success rate. Manaker’s best recommendation has been on Innovative Industrial Properties (NYSE:IIPR), a real estate investment trust (REIT) focused on the regulated cannabis industry. His buy call on IIPR stock generated a 250% return from June 26, 2018, to June 26, 2019.

5. Bose George – KBW

Fifth-place analyst Bose George has a success rate of 71%. His best recommendation has been Mr. Cooper Group (NASDAQ:COOP), a leading home loan servicer and originator. The analyst delivered a profit of 179% from July 7, 2020, to July 7, 2021.

6. Gerard Cassidy – RBC Capital

Taking the sixth position is Gerard Cassidy. The analyst has a success rate of 58%. His top recommendation was Fifth Third Bancorp (NASDAQ:FITB), a Cincinnati-based regional bank. Through his buy call on FITB stock, Cassidy generated a return of 139% from April 8, 2020, to April 8, 2021.

7. Susan Roth Katzke – Credit Suisse

Credit Suisse analyst Susan Roth Katzke is seventh on this list, with a success rate of 67%. Katzke’s best call has been a buy on the shares of the investment bank Morgan Stanley (NYSE:MS). The recommendation generated a return of 138% from May 6, 2020, to May 6, 2021.

8. Mark Dwelle – RBC Capital

In the eighth position is Mark Dwelle of RBC. Dwelle has an overall success rate of 64%. His top recommendation is insurance company Goosehead Insurance (NASDAQ:GSHD). Based on his buy call on GSHD, he generated a profit of 210% from March 13, 2020, to March 13, 2021.

9. Ken Usdin – Jefferies

Ken Usdin ranks ninth on the list. The five-star analyst sports a 62% success rate. His top recommendation has been on Pennsylvania regional bank Customers Bancorp (NYSE:CUBI). The buy recommendation generated a return of 246% from Jan. 7, 2021, to Jan 7, 2022.

10. Robert Dodd – Raymond James

Robert Dodd has the 10th spot on the list, with a success rate of 69%. Dodd’s best call has been a buy on the shares of WhiteHorse Finance (NASDAQ:WHF), a business development company that offers loans to privately-held lower-middle-market corporations. The recommendation generated a return of 150% from April 13, 2020, to April 13, 2021.

Bottom Line

Retail investors could follow the ratings of these top financial analysts to make informed investment decisions. These analysts generated significant returns from their recommendations in the past decade. 
You can also look at all the analysts who feature in the top 100 list. We will soon return with the top 10 analysts of the past 10 years from the healthcare sector. More

Add To Calendar

Bankrate has found 53% of Gen Z and 43% of millennial investors said they expect to put more money into stocks in 2023.
But a new survey from the site shows almost half of Gen Z and one-third of millennial investors sold stocks or didn’t buy more this year due to “elevated inflation.” 
Financial advisor Jordan Awoye says many young investors are tapping stock-heavy retirement and other investment accounts to cover everyday expenses.

Most young investors claim they are going to invest more money in the stock market this year compared to 2022 but, in fact, many of them have been doing exactly the opposite.
That’s according to Bankrate, which released a new survey Wednesday that found 53% of Gen Z and 43% of millennial investors said they expect to put more money into stocks in 2023, much more so than Gen X (19%) and baby boomers (9%).

Yet Bankrate chief financial analyst Greg McBride said the two younger cohorts have done exactly the opposite so far this year.
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“What we see among younger investors is a much higher propensity to have been taking action so far here in 2023 in the face of things like elevated inflation or the higher returns that are available on safe-haven cash investments,” McBride said. “And there was an increased likelihood of selling or withholding investment rather than buying in response to that.”
Almost half of Gen Z and one-third of millennial investors sold stocks or didn’t buy more this year due to elevated inflation, Bankrate found. And more than a third of Gen Z and one-third of millennial investors either sold stocks or didn’t buy more — due to higher returns on safe-haven investments like savings accounts, money market funds, CDs and government bonds.
Financial advisor Jordan Awoye of Awoye Capital in Bay Shore, New York, said many young investors are tapping stock-heavy retirement and other investment accounts to cover everyday expenses.

“For a lot of them, that stock market account is not necessarily that set-it-and-forget-it, like their predecessors have been taught,” he said. “A lot of them are using it pretty actively and treating it as like a savings account-plus.”
Awoye said younger investors are more likely than older investors to use retirement funds or money in a brokerage account to pay off credit card debt, buy real estate or invest in their own business.
Recent data from Voya Financial found 2 out of 5 American workers said their retirement savings plan is their only form of emergency savings. And that was truer for younger investors ages 18-34. Nearly half (48%) in that age group said retirement savings is the only significant form of emergency savings they have.

Having less in emergency savings will cost you

Anchiy | E+ | Getty Images

According to Voya’s own retirement data, employees without adequate emergency savings are 13 times more likely to take a hardship withdrawal from their 401(k) plan. Depending on the reason for the withdrawal, workers may have to pay a 10% penalty plus taxes when they make an early withdrawal from a traditional 401(k) or workplace retirement plan.
Awoye said many young investors are opting to take out 401(k) loans to fund other investments, like buying real estate, starting a side gig or building their own business. Yet some may believe they’re simply borrowing money that they’ll pay back to themselves without considering the impact of selling stocks at a loss and facing penalties and taxes.
Missed payments and interest on a 401(k) loan are considered a taxable distribution and the IRS will make you pay an additional 10% tax on that money if you take the money out before you’re age 59½. In the case of a job loss, the loan often must be immediately repaid in full.
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High health-care costs can lead to financial strain for many individuals and families.
Sen. Bernie Sanders, I-Vt., is pushing to change that with Medicare for All.

Sen. Bernie Sanders, I-Vt., speaks at a press conference outside the U.S. Capitol Building on May 4 in Washington, D.C.
Anna Moneymaker | Getty Images News | Getty Images

For many Americans, a medical emergency can lead to a financial crisis due to the high cost of health care in the U.S.
This week, Sen. Bernie Sanders, I-Vt., is renewing his push for a new approach — Medicare for All — that he touted as a presidential candidate.

“The current health-care system in the United States is totally broken,” Sanders said Tuesday at a Capitol Hill event.
“It is totally dysfunctional, and it is extremely cruel,” he said.
With the support of Democratic Reps. Pramila Jayapal of Washington and Debbie Dingell of Michigan, the lawmakers plan to reintroduce a bill, titled Medicare for All Act of 2023, in both the House and the Senate on Wednesday.
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In the House, the proposal will have 112 co-sponsors, more than they have ever had at the introduction of the bill, Jayapal noted, despite having fewer Democratic seats than in the previous Congress.

Medicare for All would create a single-payer program, which would allow one source to collect all health-care fees and pay all health-care costs.
“It is long overdue for us to end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its people,” Sanders said. “Now is the time for a Medicare for All single-payer program.”

Some patients currently can’t afford care

Research shows many Americans suffer under the burden of high health-care costs.
Almost 1 in 10 adults, or approximately 23 million people, owe medical debt, research from KFF found last year. About 11 million people owe more than $2,000 and 3 million people owe more than $10,000, the independent health policy research provider found.
Some families have filed for bankruptcy, Sanders noted, after serious conditions like cancer or heart disease have left them with unmanageable hospital bills.
The inequities tend to affect low-income and minority and immigrant communities, said Nancy Hagans — who has served as a critical care nurse for over 35 years in Brooklyn, New York — during Tuesday’s Capitol Hill event.

During her career, Hagans said she had seen patients not get the care they need because they didn’t have health insurance, or if they did, because they couldn’t afford the high deductibles or co-pays. Others were forced to choose between taking their medications or putting food on the table for their children, she said.
“Our current system discriminates on your ability to pay, what kind of job you have or if you have a job at all,” said Hagans, who currently serves on the Council of Presidents of National Nurses United and as president of the New York State Nurses Association.

‘Why don’t we have Medicare for All?’

The new bill follows previous Medicare for All proposals. Sanders has called for comprehensive health care with no networks, premiums, deductibles, co-pays or surprise bills.
The proposal includes primary care, vision, dental, prescription drugs, mental health, substance abuse, long-term care services and reproductive health care. It also includes universal long-term care coverage and the ability to negotiate prescription drug prices.
One key obstacle to implementing Medicare for All would be cost, according to Chuck Blahous, senior research strategist at the Mercatus Center at George Mason University. Blahous previously estimated the plan would cost somewhere between $32.6 trillion to $38.8 trillion over 10 years.
Today, the estimate may be slightly lower at around $30 trillion, Blahous said. But that would be about $3 trillion higher to meet the costs of all the increased demand for such a program, he said.
However, the government has to address its “enormous problem” with federal deficits and indebtedness, he said.
“The federal government hasn’t shown the willingness to finance its current level of spending, let alone one that may be increased by this amount,” Blahous said.

A protestor at the 2022 March for Medicare for All in Washington, D.C.
Probal Rashid | Lightrocket | Getty Images

After dealing with the hassles of going through private insurance, many people tend to ask, “Why don’t we have Medicare for all?” noted John Holahan, institute fellow at the Health Policy Center at the Urban Institute.
But the answer is not that simple, he said.
“They really want a system that’s ‘everybody’s in it and everything is free and providers are paid the Medicare rates,'” Holahan said. “The current Medicare looks a lot different than what they are talking about.”
Making the economics work may also be difficult, according to Holahan.

Medicare rates are lower than what private insurers pay. If those rates are used across the board, it would result in savings for patients and employers. But it would also prompt substantial drops in income for physicians and providers and less revenue for hospitals.
And the tax increases that may be required to implement such a health-care system may make it a nonstarter politically, Holahan said.
Another alternative could be to create a public option that would allow workers to choose between government and private plans, he said. Implementing rate controls for hospitals or prescription drugs would also be “major advances,” according to Holahan. More