Managing the Cost of Healthcare for an Aging Population: British Columbia Confronts its Glacier
11 Pages Posted: 29 Jun 2013 Last revised: 2 Jul 2013
Date Written: January 23, 2013
“Before the worldwide economic crisis, health care funding in B.C. was rising by an average of about seven per cent per year. Since 2009, the rate of increase has declined to about five per cent. And now, going forward, we’re looking at lifts closer to three per cent per year.
Even with this modest growth, health care is projected to account for more than 42 per cent of total government spending by 2014-15. We can’t just keep pouring more and more dollars in. We have to find creative ways to minimize expenses….” (British Columbia Budget Speech 2012, p. 7.)
British Columbians carry a $415 billion fiscal burden – the higher tax bill for increased healthcare costs over the next half-century – and should prepare now for the coming demographic squeeze, says a report released today from the C.D. Howe Institute. In “Managing the Cost of Healthcare for an Aging Population: British Columbia Confronts its Glacier,” authors Colin Busby and William B.P. Robson recommend that BC move to selective prefunding of healthcare services and find cost savings and efficiencies by benchmarking against other provinces that get better bang for their bucks in some areas.
Keywords: Healthcare, Social Policy Health Policy, aging population, British Columbia
JEL Classification: I10, I18, H51
Suggested Citation: Suggested Citation