What does Healthcare really cost you?
A typical Canadian family of four will pay $12,935 for healthcare in 2018, a Fraser Institute study says.
“Healthcare in Canada isn’t free. Canadians actually pay a substantial amount for public healthcare through their taxes, even if they don’t pay directly for medical services,” says Bacchus Barua, associate director of health policy studies at the Fraser Institute and co-author of ‘The Price of Public Health Care Insurance, 2018.
Most Canadians are unaware of the true cost of healthcare because they never see a bill for medical services and may only pay a small public health insurance ‘premium’ tax (in provinces that impose them). Because general government revenue ‒ not a dedicated tax ‒ funds healthcare, it’s difficult for Canadians to decipher how many of their tax dollars go to the public healthcare system. The study estimates that the average Canadian family (two parents, two children) with a household income of $138,008 will pay $12,935 for public healthcare this year. After adjusting for inflation, that’s an increase of 68.5 percent since 1997, the first year that the estimates could be calculated.
Remember, your employees are important, and so is their Pension. Make sure to get advice you can trust from an experienced Advisor.
At Farrow Pension & Benefits, we strive to make a difference in the lives of your employees and their retirement plans by making it easier for them to understand and take action. We would be happy to hear from you, e-mail us at simplify@farrowpension.com
Wayne Farrow
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, and the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: wayne@farrowpension.ca
Source: Pension & Benefits Monitor