Medicare for America Act of 2024

This bill proposes establishing a new public health insurance program called Medicare for America, which would provide comprehensive health coverage to all U.S. residents and lawfully present individuals starting in 2026. The program would include automatic enrollment for current Medicare beneficiaries, people turning 65, and those without other qualified health coverage, while allowing individuals with employer-sponsored insurance to opt out. The legislation creates a unified Medicare Trust Fund funded through a 5 percent surtax on incomes above $500,000, a 4 percent Medicare payroll tax, a 6.9 percent net investment income tax, and various excise taxes on tobacco, alcohol, and sugary drinks. The program would cover all essential health benefits including dental, vision, hearing, and abortion services, with no deductibles and an annual out-of-pocket limit of $3,500 for individuals. The bill includes provisions to negotiate prescription drug prices directly with manufacturers, establish a Prescription Drug and Medical Device Price Review Board to identify and penalize excessive pricing, and implement safe staffing requirements for hospitals. It also repeals the 24-month waiting period for Medicare coverage for people with disabilities and eliminates the waiting period for individuals on state Medicaid waiting lists.