Instantiate Text that follows GameObject

I’m currently instantiating a text element per detected player in the scene that displays the respective player’s health. The text is instantiated as the child of a static canvas. However, I’d rather instantiate the text element such that it follows the respective player slightly above it.

I’ve been considering giving each player their own canvas (as a child of the player), but there must be a better way to solve my issue. Any ideas?

This simple text might work,

Or could have 1 canvas, and move text objects to match target world positions,
i think this script worked: http://answers.unity3d.com/answers/839753/view.html

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