My Vision for the Future
Finances and My Future
Thinking about How You See Your Future
Take some time to explore how you want to live from your 65+ years and onward. Gather your thoughts, as well as photos, quotes, or phrases that capture where and what you want to be doing in 3, 5, 10 and 20 years or more. Create a digital or print collage of your vision including your expressed wishes for:
- Daily activities, hobbies, sports, music, social activities, and entertainment.
- Travelling, sports, and recreational activities.
- Ideas for self-care and wellness practices.
- Goals for education, meaningful work/career, and if interested, volunteering or giving back to your community.
- Ways to be involved with friends, family, pets, and social activities.
- Planning for your family, dependent children, and caring for other family members.
- Where and how you want to live (current home, down-sizing and/or assisted living).
- And anything else you consider important to your vision for the future.
Once completed, add these page(s) to your Mywell Health planning binder or digital files. Revisit your vision annually and adapt as life brings changes.
Tip
Make your vision for your future into the cover of your Mywell Health binder. Share it with others so they can support your goals.
My Financial Support Team
Building a financial support team of people with expertise and skills can be very helpful. Consider the following when revisiting or building your financial and business support team.
Confirming Your Financial Support Team
- Identify the professionals that can help support your financial and lifestyle plan.
- Confirm the roles and responsibilities of your accountant, financial planner, insurance agent, book-keeper, bank contact, and power of attorney (POA).
- Be sure to clarify the difference between a power or attorney and an enduring power of attorney.
- Reach out to family members or care partners who could support any of these roles with their skills. Consider people who are retired and could support you at no charge.
- Work with an accountant to ensure your income tax is filed every year. Know that an income tax assessment is required for most government benefits’ and services.
- Seek out someone who can assist with daily banking and paying bills on time, if needed.
- Add your financial team members to your Health Care & Business Professionals fillable PDF tool in My People. Save it to your phone for easy access.
Tip
Seniors are often targeted by criminals through phone calls, emails, and in person. Protect your money by setting withdrawal limits on your bank accounts that notify a family member or your power of attorney. Educate yourself about senior fraud protection.
Planning for My Health Care Costs
It is important to plan for your health and care costs when living with long-term health conditions and as you age. Whether is it diabetes (requiring daily monitoring, pumps, and insulin) or advanced Multiple Sclerosis (requiring personal in-home care), you need to plan for your needs and the costs associated with them. Learn about the health benefits available to you and what medications, equipment, and/or supplies are or are not covered through them.
Planning for Your Health Care Costs
- Review the medical services plan (MSP) and what health care services it does or does not cover. MSP generally covers essential medical services, such as physician and nurse practitioner visits, diagnostic tests, and hospital care.
- Know that Fair PharmaCare helps cover the cost of eligible prescription medications based on your income. If you have a life-limiting condition, PharmaCare can help fund high-cost medications that may be necessary for your condition under the Special Authority Program which is applied for by your health care professionals.
- Review your existing health benefits and how they might change post-retirement.
- If you are still employed, review your existing health benefits package and record what items are covered and at what percentage and if there is an annual maximum amount.
- Make a list of your annual costs for your prescription medications, dental care, vision care, and services such as physiotherapy and registered massage therapy.
- Explore the cost and availability of travel insurance for a person with an existing health condition.
- If travelling, learn what the medical services plan and PharmaCare may not cover outside of BC, such as hospital stays, treatments, and medications.
- Review your life insurance or critical illness insurance to see if it may provide financial support during a period of illness, or to cover end-of-life costs.
- If applicable, find out about any disability benefits you may be entitled to such as BC Disability Assistance or the Disability Tax Credit. See the list below and visit the resource kit to learn more.
Recording Your Health Benefits
Make a list of all your health benefits. Include the following information and save it in your Mywell Health print or digital files.
- Type of benefit or insurance (Dental, PharmaCare, Travel Insurance, other)
- Name of Carrier (Name of Company)
- Plan Number
- Contact person, phone, and email
- List of Services
- Coverage amount (% or amount per service, deductible, and annual maximum).
- Personal Notes
Tip
Choose someone in your financial team to help you explore the disability and health benefits’ websites – many are listed in the resource kit.
Understanding My Financial Situation
Working on Finances
After completing your vision for the future, look at your financial situation and see if it is realistic. Consider discussing the topics below with those you trust to help you plan for your financial needs. Mywell Health has developed some financial planning worksheets to help you identify your personal sources of income as well as your personal costs and expenses.
Understanding Your Financial Situation
- Download and complete the Understanding My Financial Situation fillable PDF tool from below.
- Completing these worksheets can help you learn about the benefits and income sources you may be eligible for.
- Visit the resource kit for definitions, videos, and websites to support your learning and to locate services.
- If possible, work with a professional to confirm your financial plan. Explore free financial services available in your community.
Potential Sources of Income
Explore these potential sources of income. Learn more about each in the resource kit.
- Canadian Pension Plan (CPP)
- CPP Survivor’s Pension
- Canadian Pension Plan Disability (CPP-D)
- Disability Benefits
- Disability Tax Credit
- Employment Pension
- Home Owners Grant
- Guaranteed Income Supplement
- Old Age Security (OAS)
- Registered Disability Savings Plan (RDSP)
- Registered Retirement Saving Plans (RRSPs)
- Senior’s Supplement
- Tax Free Savings Accounts (TFSA)
- Veteran’s Affairs Canada Benefits
Discussing Your Financial Future
- Is your income sufficient to cover your monthly expenses?
- Are you working with a financial planner or accountant to plan your finances for your future?
- Do you have someone who files your income tax every year?
- Have you named a power of attorney (POA) or enduring POA? Are they aware of your financial wishes?
- Do you have a current and legal will?
- Have you shared your concerns for your finances into the future?
Tip
Note that these worksheets are to encourage discussion and learning. It is suggested that you work with a financial professional for proper planning.
“Supporting my mom to remain in her home posed a considerable challenge, one that came with a significant financial burden. While we considered options like assisted living and residential care, ultimately, we chose to prioritize her staying in her familiar home and community environment. It’s essential for people to understand that aging in place often comes with substantial costs, particularly if private support is required. Government assistance may be limited, leaving families to cover a significant portion of the expenses themselves. Currently, we’re spending approximately $6000 a month to ensure my mom’s needs are met. People need to be aware of these expenses and plan ahead.”
