Canada has a number of resources for its citizens when it comes to healthcare. In addition to public healthcare, however, there are also many small business health care plans that are designed to give employees additional coverage if they need it. Although most healthcare uses public funds, about 30% of health spending comes from private insurance and out-of-pocket payments.
What are some of the advantages of the Canadian healthcare system? Here are a few things that make it unique:
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1. Publicly-funded healthcare: All Canadians can get their healthcare costs covered by the government. These programs are funded through Canadians’ income taxes. Under this plan, pharmaceuticals are covered by public funds completely for the elderly and indigent. There are typically no deductibles or co-pays for insurance in Canada, or they are very low.
2. Small business group health insurance: In Canada, the majority of businesses are small businesses with no more than 100 employees. As a result, these businesses find that they need small business health benefits that are affordable and comprehensive. These plans can cover procedures that might not be deemed “medically necessary” for some Canadians, such as for elective surgery or some mental health spending. Many business owners are concerned about both the amount they pay for these plans and the level of coverage their employees receive, so they often will search for the best deals on health care plans.
3. Health spending accounts: One way in which Canadians can choose how they are covered is through signing up for their employers’ health spending accounts plans. Health spending accounts are private accounts that employees put 100% pre-taxed dollars into; these plans help with their out of pocket costs and can be used for any type of health spending, especially those that are excluded or limited by other insurance plans. A health spending account helps employers find a more tax-advantaged way to provide benefits to their employees.
A survey by the Strategic Counsel found that approximately 91% of Canadians prefer their healthcare system to the model used by the U.S. With these benefit options, their reasoning is clear. Do you have questions about the Canadian healthcare model? If so, ask in the comments section. See more: www.myrhsa.com
