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Health-care spending in Canada is expected to soar to $372 billion in 2024, according to a new report by the Canadian Institute for Health Information (CIHI). This spending amounts to roughly $9,054 per Canadian and marks a 5.7% increase from last year’s 4.5% rise. In 2022, the increase was only 1.7%, highlighting a trend of growing health costs. Health spending in 2024 is also projected to represent 12.4% of Canada’s gross domestic product (GDP).
CIHI notes that upcoming Canadian dental and pharmacare plans could drive costs even higher as more people gain access to these services. The report suggests rising expenses may challenge Canada’s health-care funding in the near future.
Written by Jeremy Hall