"Free" healthcare might be costing you $12,000 a year: report
A new report from the right-leaning Fraser Institute suggests that Canada’s free healthcare system might actually have more costs associated with it than you would think.
They say the typical Canadian family of four will spend an average of $11,735 in 2015 alone, based on an income of $119,082 per year. A single person earning $42,244 per year will pay around $4,222.
“Contrary to what many believe, health care in Canada isn’t free,” said study co-author and senior economist Bacchus Barua.
“While Canadians may not pay directly for medical services, they pay a substantial amount of money for health care through their taxes.”
Bacchus said it’s difficult to track how much of Canadian tax dollars goes towards healthcare since it’s based on general government revenue.
In fact, he said the cost of healthcare is going up faster than income increases. Healthcare has gone up by 48.5 per cent in the last 10 years, while income has only increased by 30.8 per cent.
“Over the past decade, the cost of health care in Canada has grown 1.6 times faster than average income,” said Barua.
“Once Canadians know how much they actually pay for health care through taxes, they will be in a better position to decide if the system delivers good value for their money.”
To read the full report, click here.