Most Canadians misunderstand the true cost of healthcare because their physician and hospital services are covered by our public healthcare system.
But according to a recent report by the Fraser Institute, the typical Canadian family will spend around $19,000 this year on healthcare(based on 2022 data). When people speak of “free” healthcare in Canada, they are ignoring this taxpayer- funded aspect. We were also curious about Canadians’ private healthcare expenditures. The shocking fact, according to the Canadian Institute for Health Information, is that total health expenditures( private & public) in Canada are estimated at $372 billion, or $9,054 per Canadian(based on recent 2024 data).
Total health expenditures increased by 1.7% in 2022 and 4.5% in 2023, and are 5.7% in 2024. The rate of growth in 2024 is comparable to that seen between 2008 and 2010, when healthcare spending rose an average of 5.9% per year. The growth rate in 2024 is also higher than the annual average from 2011 to 2019, when health expenditures increased by 3.9% per year.
The scary reality is that taxpayer payments only cover a fraction of the cost of healthcare and as our GDP growth flattens, our healthcare costs continue to increase, making Canada fifth in the Organisation for Economic Co-operation and Development (OECD) for this type of spending.
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