A person’s financial situation refers to the overall state of their financial health, including their income, expenses, savings, debts, and assets, which collectively determine their ability to meet financial obligations and achieve financial goals.
Tips & Links
A person’s financial situation is important for those living with a chronic illness or disability because it impacts their ability to afford necessary treatments, assistive devices, health care, daily living expenses, housing costs, and ensuring they can maintain their quality of life and independence.
Learn More
- Learn about the important variable in your financial plan when living with a chronic health condition such as employment, pensions, housing, health care costs, and health benefits.
- Know that having a chronic health condition, dependent on your physical and mental health capacity, may also qualify you for disability benefits such as the Disability Tax Credit, Registered Disability Savings Plan, and Canadian Pension Plan-Disability.
- Understand that Wayfinder is an online tool provided by the Canadian government to help people with disabilities and their families navigate various federal and provincial programs and services in areas like health care, financial assistance, and community services. Whereas the Benefits Finder is broader and not limited to individuals with disabilities—it helps all Canadians find benefits they might be eligible for, based on their personal circumstances. See the list of benefits offered by the Government of Canada.
- Learn about financial and retirement planning for seniors from the Government of Canada. Consider your sources of retirement income such as savings, pensions, benefits, and tax deductions. Plan for your costs of living including housing, nutrition, transportation, and health care costs.
- Know that the Government of BC offers a variety of financial planning teaching pamphlets on many aspects of financial planning for older adults in English and French.
- Learn about scams and frauds targeting people with disabilities and seniors from the Government of BC.
Things You Can Do
- Determine who among your care partners has the qualifications of a financial advisor or accountant who may be able to offer their services for free.
- Explore your costs for medications, treatments, medical assistance devices, equipment, and health care supplies.
- Understand your health benefits, medical services plan, PharmaCare, and other benefits you are eligible for to support your health and lifestyle.
- Learn about programs and supports for senior in financial planning from the Office of the Senior’s Advocate.
- Explore the Benefits Finder from the Government of Canada to learn more about publicly funded benefits and those you might be eligible to receive.
Complete the activities in My Financial Plan including the Financial Worksheet tools to explore your financial situation. Save all your learning to your digital and print Mywell Health files.
Tools & Videos
Categories: My Financial Plan, Senior
← Back to Resource Kit