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Study Shows Cost Of Healthcare

A typical Canadian family of four will pay $11,735 for public healthcare insurance in 2015, says a study by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. ‘The Price of Public Health Care Insurance’ shows that contrary to what many believe, “healthcare in Canada isn’t free,” said Bacchus Barua, study co-author and senior economist in the Fraser Institute's Centre for Health Policy Studies. “While Canadians may not pay directly for medical services, they pay a substantial amount of money for healthcare through their taxes. “Most are unaware of the true cost of healthcare because they never see a bill for medical services and only pay a small premium in provinces that impose them. General government revenue funds healthcare, making it difficult for Canadians to decipher how much of their tax dollars actually go towards health insurance. The study finds the average Canadian family with two parents and two children earning $119,082 will pay $11,735 for public healthcare insurance in 2015. A single individual earning $42,244 can expect to pay $4,222. The study also tracks the cost of healthcare insurance over time: Between 2005 and 2015, the cost of healthcare for the average Canadian family (all family types) increased by 48.5 per cent, dwarfing increases in income (30.8 per cent), shelter (35.9 per cent), and food (18.2 per cent). “Over the past decade, the cost of healthcare in Canada has grown 1.6 times faster than average income,” says Barua.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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