What are some very compelling arguments both for and against single-payer healthcare?

In recent years, single-payer healthcare/Medicare-for-All has been picking up steam as a viable policy proposal on the progressive left. Endorsed by leading Democratic presidential candidates Bernie Sanders and Elizabeth Warren. Supporters endorse it on the grounds that everyone would be covered. Opponents are... show more In recent years, single-payer healthcare/Medicare-for-All has been picking up steam as a viable policy proposal on the progressive left. Endorsed by leading Democratic presidential candidates Bernie Sanders and Elizabeth Warren.

Supporters endorse it on the grounds that everyone would be covered. Opponents are concerned that a single payer system would decrease competition between insurers, raise prices, and increase waiting times.

My knowledge of healthcare is fairly limited. What are persuasive arguments that both sides can offer?
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