The California Senate Appropriations Committee released a report noting a proposed state single-payer health system would bear a price tag of $400 billion annually, according to Kaiser Health News.
Here are five points:
1. The report notes a new 15 percent payroll tax on workers and employers would fund half of the $400 billion.
2. Senate Bill 562, known as Healthy California proposal, would provide coverage for 39 million Californians, supplanting existing employer health insurance as well as Medicaid and Medicare.
3. Currently, California employers and employees spend between $100 billion and $150 billion yearly on health insurance and care. With this legislation, that spend would drop to between $50 billion and $100 billion.
4. The Senate Appropriations Committee emphasizes its predictions are "uncertain," due to the drastic shift in healthcare model delivery.
5. Healthy California would cut premiums, copayments and deductibles.