Canadian Institute for Health Information (CIHI) released a report today outlining health spending in Canada. Drug costs are the fastest increasing according to the report – as shown in the graphic below:
Across Canada, healthcare spending will increase $242 Billion representing a 3.9% increase year/year or about $200 increase per person.
With costs continuing to raise there is not better time than now to consider implementing a group benefits plan. Northern Financial Group can help individual and businesses find health insurance solutions that will help protect you from increasing health costs.
Our most popular group product coverage details and pricing can be found here.
For individual coverage please follow this link.
“Canada’s economy is improving and, as we have seen in the past, when there is more economic growth, more money is spent on health care. Drugs, hospitals and physicians continue to be the 3 biggest categories of overall health spending, but we’ve seen the pace of drug spending increase over the last couple of years. The growth rate for 2017 demonstrates that spending on health is starting to increase.”
— Michael Hunt, Director, Health Spending and Strategic Initiatives, Canadian Institute for Health Information
For more information on the CIHI report please visit: https://www.cihi.ca/en/total-health-spending-in-canada-reaches-242-billion