How Much Does It Cost For Health Insurance In Canada Today?

There are many countries in the world today that provide what is called universal healthcare. Some of these countries have been doing so for well over 100 years. This type of coverage will allow their citizens to go to doctors to get treatments, as well as get prescription medications, free of charge. Of course, they are paying for this health insurance through their taxes, but by comparison to paying for health insurance as they do in the United States, it is a much more cost-effective solution. In the country of Canada, they have been offering single-payer universal healthcare since 1966. However, there are those that may actually pay for their health insurance to some degree. This is an overview of how much it will cost for Canadians to have health insurance.

How Much Does Health Insurance Cost In Canada?

The cost of health insurance for each individual, taken directly out of their taxes, comes out to $2000 Canadian money. When extrapolated to a monthly cost, this comes out to just over $160 per person per month. If they were to visit a doctor or have a procedure done, all of this would be covered by the policy. However, some things are not covered by this universal healthcare which is why many Canadians will pay for additional health insurance coverage.

What Is Not Covered By Universal Healthcare In Canada?

Similar to many universal policies throughout the world, the health coverage provided through the Canada Health Act will not cover dental care, long-term care, or prescription drugs. In order to get coverage for these things, additional coverage must be purchased. This can be obtained from many companies that offer this secondary insurance which will cover all of those things and more. By getting quotes from each company, you can see exactly how much it will cost, what the deductible will be, and your monthly premiums.

Total Cost Of Health Coverage In Canada

The average person in Canada, as stated before, pays about $2000 Canadian money for universal healthcare out of their taxes. Supplemental plans will cost, on average, about $4000 per person. In total, Canadians will pay about $500 Canadian money for health insurance, of which about $330 per month will come out of pocket. For young people that are single, this could be a sizable investment, whereas older people with many medical problems will see this as a cost-effective solution.

Although many countries throughout the world offer universal healthcare, they will not always cover everything. Places like the UK have even more comprehensive policies that cover all appointments, treatments, and nearly every prescription drug you can get with a prescription. If you are in Canada, and you don’t go to the doctor that often, the universal healthcare that is free will likely be enough. However, you always have the option of getting supplemental Canadian health insurance that can help pay for expensive long-term health care, dental work, and prescription medications that you may need to use on a regular basis.