Isn’t it basically the German model of the Krankenkasse? As far as I recall that is how German coverage market operates and probably a few others as well (of course backed by mandatory requirements, price controls and subsidies).
There are a lot of ideas about how to improve US healthcare market and it should definitely be possible to do it for the same or less money, given that US spends most in the world. One thing I don’t understand is why can’t we try some of these ideas out at a state level first rather than waiting forever for nationwide reform which given politics and law may never happen. Let’s take California for example, Democrats control California right now — one of the largest economies in the world — why not say introduce public option or single payer system there. If EU can operate with widely differening (in terms of generosity) national health systems with spending ranging from 4% of GDP to 12–14% so can US.