Business

CMT CANADA: Canadian Healthcare Prices Increase, Not “Free”

Posted By on Monday, August 31, 2015 in Canadian Healthcare

By Victor Ferreira | August 20, 2015

Canadians provide the illusion of having free healthcare, yet the average family pays $12,000 per year. These costs have doubled in the past decade. The prices for healthcare insurance are rising faster than the average Canadian income, more costly than increases in food and shelter. They say that health insurance is “free” only because there is not a dedicated tax for it. It is funded by employment insurance, the Canadian pension plan, property taxes, sales taxes, and import duties. This grand total comes out to almost $4,000 per Canadian per year.

TORONTO Canadians may like to believe they have access to free health care, but a new report squashes those illusions.

cropped-logo.jpgAn average Canadian family pays $12,000 per year for health care insurance and those costs have nearly doubled in the last decade, according to a Fraser Institute report.

“Contrary to the way we find (health care insurance) is characterized, it isn’t free,” Bacchus Barua, co-author of the study said.

The think-tank found that health care insurance costs for all Canadians increased by 48.5 per cent to an estimated $8,205 from $5,527 in the last decade.

Health care insurance costs are also rising 1.6 times faster than the average Canadian income, the report says, leading Barua to have an issue with the system.

“When health care insurance is growing faster than income, it’s an indication you can’t sustain it,” Barua said.

The increase in health care costs are substantial when compared to the rising costs of food and shelter. The report finds that spending on shelter grew by 35.9 per cent and food costs grew by 18 per cent. Only the cost of clothing — a 64.1 per cent increase — grew at a higher rate.

CONTINUE READING FULL STORY …

SOURCE: http://www.medibid.com/blog/2015/08/canadian-healthcare-prices-increase-not-free/

Ferreira, Victor. “‘It’s not free’: Canadian health care insurance almost doubles in cost during last decade as average family pays $12K.” Health. National Post, 20 Aug 2015. Web. 30 Aug 2015.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s