You're right regarding the incentives, but the functional part i.e. "your basics are taken care of" is very close. I'd expect the effects that are promised with UBI ("people will learn more new things, people will volunteer more because they don't have to worry about making rent") to happen with the current system, as you don't have to worry about food, medicine or rent (to a degree, if you're living alone in a 100sqm flat, they will ask you to move to a more appropriate place after a few months. I suppose the same would happen with UBI, only you wouldn't be asked to, you just can't afford it)