It's worth noting that a recent analysis of S.1804, the Medicare for All Act, "could reduce total health care spending in the U.S. by nearly 10 percent" [1]. Even conservative analysis [2] has the program project to save in the trillions over a decade.
All while providing comprehensive, universal healthcare, free at the point-of-service.
Also, Medicare For All would theoretically be able to command substantially lower drug prices by nearly monopolizing demand.
Notably, given the study's analysis focus on OECD countries, the United States is (said to be [3]) the only of the top 25 wealthiest countries and one of two total member countries to not provide universal healthcare coverage.
[1] https://www.peri.umass.edu/publication/item/1127-economic-an...
[2] https://www.mercatus.org/system/files/blahous-costs-medicare...
[3] https://www.politifact.com/virginia/statements/2015/sep/01/d...