Healthcare system must be reformed, says report

Canada’s current healthcare system isn’t sustainable, says both the Society of Actuaries and the Canadian Institute of Actuaries in a report.

Both groups say provincial and territorial governments’ annual spending on health care will likely increase by 133% over the next 25 years. The costs for all provinces combined will rise from 2012’s $135 billion to more than $315 billion.

Further, those expenditures will represent close to 86% of those governments’ own source revenues by 2037, even after assuming some governmental action.

As such, significant changes must be made to the system to ensure governments can continue to support education and social programs, as well as infrastructure across the country.

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These alterations must “substantially reduce the increase in the costs of health care [and] boost GDP growth,” says the report.

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