Most Baby Boomers would agree that controlling the spiraling cost of health care is a point of mounting fiscal concern. Many ask what can we do to make things better?
First let us acknowledge that Ontario’s debt is now $312,000,000,000, the largest in Canada.
Regrettably, the province adds another $12 to $15 billion annually. Pointedly, Health Care accounts for more than 42% of that gargantuan increase.
Secondly, we now live in a society where seniors (> 60 ) will shortly out number those under 20. Knowing that approx. 80% of all health care costs occur in the last 2 years of a persons life makes the almost unimaginable a vivid reality. Health Care costs will rise exponentially if we do not do something soon.
How much will they rise? If you extrapolate out these bewildering numbers, then it is highly probable that our provincial debt will narrow in on a trillion dollars within 20 years, much of which will be attributable to exploding health care costs.
What can be done to combat this actuarial Armageddon? The conservative government of Ontario purports itself as being an advocate for small & medium sized business. Perhaps by borrowing something out of their daily playbook (Tax Credit) Ontario can become healthier & wealthier. Create a program “Healthier Ontario by 2025”
Healthy Ontario would initiate a small tax credit, awarded to individuals who physically participate in a weekly exercise program. Something as tiny as a 50 cent tax credit per hour spent exercising. The cumulative reward is the goal! Realistically fully engaged participants would receive approx. $400.
The sublime premises would be, that by doing something for 2 weeks or longer it becomes a habit. Socially responsible habits become contagious.
The technology exists to make this a very plausible reality. I.E.: Google’s new Fit Bit, a gym’s log in systems & peer accountability (hockey, pickle ball, baseball golf, etc.) The economic catalysts could easily offset any perceived tax revenue losses.
Just consider that today >35% of Canadians are considered obese, 10% suffer from diabetes and 1 in 4 will die from a heart condition.
Few doubt that society is becoming increasingly sedentary. This proposal is an affordable concept that also supports small & large business owners by assisting in the good health of their employees.
If the present provincial government exuded the political will it could conceivably shave hundreds of millions of dollars off the deficit and also create a notable political legacy. This simple plan could enhance the lives of millions for generations to come.
Please feel free to contact any of our offices or leave a comment below with your insights & opinions.