No, this absolutely does not explain the US's wildly off-base per-capita expenditure because uninsured people still go in the denominator of the per-capita figure! I'm sure the per-insured-capita figure is worse but that's not what we are comparing!

Americans are constantly trying to exclude uninsured people from their statistics (and, worse, from the care itself) but the comparable countries don't do this so it is utterly ridiculous to propose that the correct statistical comparison is one in which the US excludes the undesirables while other countries don't.

https://en.wikipedia.org/wiki/List_of_countries_by_total_hea...

    Total health spending per capita in PPP$
    
                    2024    2023    2022
    United States   14,885  13,818  12,898
    Switzerland      9,963   9,301   9,089
    Norway           9,393   8,909   8,533
    Germany          9,365   8,503   8,652
    Netherlands      8,436   7,615   7,517
    Austria          8,401   7,697   7,700
    Luxembourg       8,087   7,173   6,854
    Sweden           7,871   7,364   6,977
    Ireland          7,813   7,027   6,748
    Belgium          7,750   7,178   6,906
    Australia        7,469   7,015   6,907