My Financial Plan

Creating Your Vision for the Future

Create your vision for your future by exploring where and how you want to live. 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 (home ownership, rental, or other).
• 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.

Regardless of your age or health, it is important to balance your health needs and career goals. Be realistic in your choices. Consider these questions and discuss them with your care partners, career counsellors, or mentors.

Planning for Your Employment and Income

Career Path. Does your career choice align with your personal interests or passions to keep you motivated and fulfilled? Does it provide adequate financial income to meet your health and lifestyle needs?

Job Flexibility. Does the job offer flexible hours or the ability to work from home or remotely? Can you adjust your schedule for medical appointments or sick days? Is part time work an option?

Work Environment. Does the work environment offer accessibility for your condition? Does the work environment offer supportive policies and make accommodations for your specific needs? Are you comfortable discussing your health needs with your employer or a human resources professional?

Health Benefits. Does the employer provide health benefits for treatments, medications, or therapies? Are mental health benefits or Employee Assistance Programs (EAP) available? Does your employer offer a pension or financial contributions to self-savings for retirement?

Physical & Emotional Demands. Are the physical demands (such as standing, lifting, or travelling) manageable for your condition? Are accommodations available for demanding tasks? How stressful is the job, and can you manage stress without worsening your health?

Work-Life Balance. Does the job allow a healthy balance between work, managing your health, and doing other things you enjoy? Does it offer time off for rest or flare-ups?

Advancement Opportunities. Does the career offer growth without compromising your health? Are there flexible career paths or role changes as your health needs evolve?

Changes in your health can place a significant strain on your income and your ability to provide for yourself and your family. Building a financial support team of people with expertise and skills can be very helpful. Consider the following while building your financial support team.

Building Your Financial Support Team

• Identify the professionals that can help support your financial and lifestyle plan.
• Learn about the roles and skills of an accountant, financial planner, insurance agent, book-keeper, bank contact, and power of attorney (POA).
• Learn 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.

It is important to plan for your health and care costs when living with long-term health conditions. 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 and disability benefits available to you and what medications, equipment, and/or supplies are or are not covered through them.

Planning for Your Health Care Costs

• Learn about 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.
• If you are 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 your eligibility for disability benefits, programs and services to help with health care costs, equipment and supplies, in-home care, transportation, mobility aids/devices, and more.
• Inquire if you are eligible for condition-specific grants or programs to support your health care costs.
• 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

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 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?