Bernie Sanders' Medicare-for-All bill: 4 things to know

Sen. Bernie Sanders, I-Vt., unveiled his Medicare-for-All bill Wednesday, with over a dozen Democratic senators coming out in support of the proposal, according to CNN.

Listed below are four of the most important aspects of the universal coverage bill.

1. All Americans would receive a "Universal Medicare card" that would qualify them for all patient services, including hospital stays, dental and vision care, hearing aids, substance abuse treatment and abortion.

2. The proposal would be phased in over a four-year period. In the first year, the Medicare eligibility age would be lowered to 55 and all children under 18 would also be eligible. Coverage would grow to include dental, vision, reproductive health and behavioral health coverage. The next year the eligible age would drop to 45, 35 the year after that and then finally cover every citizen by the fourth year.

3. In a separate release, Mr. Sanders outlined multiple ways his bill could be financed. Some of the tax reforms he proposes include a 7.5 percent payroll tax for employers, a 4 percent income-based premium for families earning more than $50,000 annually, higher tax rates for top-earning families, a capital gains tax increase and an annual fee for financial institutions with more than $50 billion in total assets.

4. The federal government would establish a list of prescription drugs covered by the plan, and the HHS secretary would negotiate prices with drug companies. There would be out of pocket costs for those drugs not covered by the plan, according to The New York Times.

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