GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Private Healthcare


Synonyms:private care, private medicine
Filed Under: financial-banking, insurance, taxation
Tags: banking, health, insurance, taxes
 

Definition of private healthcare

private healthcare
1. Medical services provided by an entity that is not the government. In countries with a publically funded health care system, such as Canada, Japan or the United Kingdom, the term "private healthcare" is more common and is used to describe medical services that are not covered by the government such as ambulance rides, private rooms in hospitals, or cosmetic surgeries. Unless an individual has some form of private health insurance, the costs for private healthcare services are paid out-of-pocket. Also known as "private medicine."

Related Terms and Acronyms:

  • Health and Welfare Trust (HWT)   A method for employers to offer their employees tax-free health benefits.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • medical specialist   A doctor with training in a specific medical field.
  • private health services plan (PHSP)   A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
      ➥  Provides tax-deductible health and dental benefits in Canada.
  • two-tier healthcare   A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
  • universal healthcare   A system for providing healthcare free to patients at point of use.
  • waiting period   The amount of time that must pass before something occurs.

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