single payer
A single-payer system is a type of healthcare financing system in which a single public agency handles health insurance and payments for healthcare services for a specific population. Under this system, the government collects taxes and uses those funds to pay for healthcare services, eliminating the need for multiple private insurers. The pool of people covered may be relatively small (e.g., only persons over 65 years of age) or universal (all residents within a given jurisdiction).
[Last reviewed in June of 2024 by the Wex Definitions Team]
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