A lot of the money being paid by insurance holders for services goes to administrative costs
. If we cut that waste when implementing Medicare for All, private insurance companies could still keep their incomes. The whole system just needs to become smoothly systematized and organized. Then costs will drop.
Furthermore, a lot of private insurance companies aren’t even being paid for the services they covered at the current rates. People are going bankrupt from medical bills.
Medicare for All would prevent this phenomenon from affecting private companies, as health care treatments are not something you can refuse someone for based on their credit. And emergency rooms can handle the budgetary constraints of Medicare patients and even the uninsured.
The lowered rates they receive from them for their care do not bankrupt them.
Finally, drug development is part of private healthcare. If Medicare for all lowered the copays of medications, it wouldn’t necessarily be detrimental to private healthcare. Drug companies spend much more on advertising than they do on research, so by reducing competition and everyone’s profits equally, Medicare for All would not impact the amount of money available for drug research assuming companies lowered their advertising budgets.