Canada may provide free healthcare for all its citizens and permanent residents. However, accessing it is not always as simple as it might seem.
For one thing, seven in ten Canadians ascertain that the healthcare system is too bureaucratic for fast or adequate responses, and for another, up to 35% of Canadian citizens claim that recent investments either worsened or had no effect on basic healthcare services.
All in all, it’s pretty evident that the Canadian healthcare sector is not quite as stable as it used to be. Investors are not impervious to these fallibilities, and that’s why we’re unpacking why healthcare is still a major point of interest for investors in today’s tumultuous and unpredictable world.
Why Investors Should Prioritize Healthcare
If you’re an investor, the chances are you’re relatively financially stable. But that doesn’t mean you’re protected from external factors such as economic flux, sudden illness, or navigating the complex world of taxation.
Here are five reasons why healthcare is—and should always be—considered a top priority for investors in Canada and around the rest of the world.
1. Increasing Costs Of Medicare
Medical inflation is a very real problem all over the world, and Canada is no exception. By incorporating medical care into your investment strategy now, you can save yourself significant amounts of money in future.
While it’s impossible to predict what healthcare rates will look like in future, there are ways to make basic forecasts; and almost all of them point skywards.
By setting aside some of your investments specifically for the health and well-being of yourself and your loved ones, you can move forward with more security, regardless of what the state of medical costs look like in years to come.
2. Be Better Prepared For Emergencies
Very few emergencies will catch you when you are expecting them. Car accidents, slips and falls, the development of sudden illness, or even certain kinds of therapy all often occur at inopportune moments, and factoring them into your investment plan is the smart thing to do.
Healthcare is a big deal for anyone in this volatile economic age, and putting a little nest egg away to minimize the damage of emergency health scares makes you more risk-resilient.
There’s also evidence to suggest that people who put money away for potential medical emergencies experience less anxiety. Lower stress levels are not only good for general well-being, but they also lower the chance of you needing medical attention in the first place.
3. Retirement And Old Age Security
Everyone has to think about retirement at some point, and investors are no different. Thinking about the long-term aspects of life is something many investors are skilled at anyway, and considering retirement can be seen as an extension of that.
Factoring retirement into investment plans is a popular way for people to curb the anxiety most of us feel around old age and provides some cushioning for both you and your loved ones when the moment to step back finally arrives.
4. Supports Life Post-Retirement
When you retire, you no longer have access to the security of a fixed income. This means that any healthcare issues that arise will need to be dealt with using savings and investments from previous years.
There are two ways to approach healthcare in life post-retirement. Either you set up robust healthcare plans that provide full coverage in the event of a medical emergency, or you set enough money aside that you can cover those costs independently should the need arise.
For many investors, life in the later years is already a priority. But officially factoring it into your long-term investment and healthcare plans is always going to be a rewarding thing to do.
5. Protects Against Financial And Economic Crisis
When Covid-19 first hit, economic chaos ensued. The world’s financial markets are still reeling, with recessions in full swing. Healthcare is important for investors just as it is for the next person, because it means you’re protected from unexpected catastrophes and crises.
Having access to free healthcare is a huge privilege. And if you’re an investor, you probably aren’t at the most risk of a financial crisis when it comes to saving for those rainy medical days.
Nonetheless, everyone with the financial capacity to do so should make healthcare a top priority. It means ensuring that you get the best tax benefits; it helps to protect against unpredictable economic swings and generally contributes to peace of mind around emergencies.