Tax Comparison: USA vs Canada | Part 3: Healthcare Costs | Who pays more💰🇨🇦🇺🇸?
In this video, Jason Smith compares the cost of healthcare in Ontario, Canada, and Florida, USA, shedding light on the key differences between these two regions' healthcare systems. Using data from the 2024-2025 Ontario budget and details about U.S. healthcare plans, Jason walks you through:
Cost of Healthcare in Ontario vs. Florida – Learn how healthcare is funded in Ontario through provincial taxes, with $52 billion of Ontario’s $145 billion tax revenues allocated to healthcare. Jason discusses how taxes in Canada directly contribute to the healthcare system, whereas in Florida, healthcare costs are influenced by private insurance.
Understanding Healthcare Plans in the USA – Jason breaks down the different healthcare plans available in the U.S. (bronze, silver, gold, and platinum), including the coverage and out-of-pocket costs for each. He explains the differences in premiums and coverage percentages, with gold plans covering 80% and platinum plans covering 90% of healthcare costs.
Comparing Healthcare Costs and Wait Times – Get a clear picture of healthcare costs and wait times with a comparison between the USA and Ontario. Jason shares the experience of a family in the USA using a gold healthcare plan with a monthly premium of $609 after tax credits. He contrasts Miami’s wait times (28 days) for a specialist with Ontario’s much longer wait times (13 weeks).
Impact of Wait Times on Healthcare Experience – Jason discusses the challenges of long wait times in Ontario and the impact it has on patients who need quicker care, sometimes opting to travel to the USA for faster treatment. He highlights the trade-off between higher healthcare costs in the U.S. and faster access to medical services.
Conclusion and Future Comparisons – Jason concludes that healthcare costs in Ontario and Florida are roughly similar when factoring in taxes and out-of-pocket expenses. He previews upcoming videos on housing costs and income probabilities, as well as future comparisons.
If you're trying to decide between the Canadian and U.S. healthcare systems, this video gives you the insights you need to make an informed decision. Be sure to like, comment, and subscribe to get more updates on comparisons and financial insights!
What's Next in the Series?
Part 4: Housing expenses and cost of living.
Part 5: High-income probabilities and potential earnings.
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