My Financial Plan

Planning for the future is an important part of maintaining independence, dignity, and peace of mind as you age. Taking the time to share your vision, values, and preferences with people you trust—before any serious physical or mental health changes occur—can help ensure your wishes are understood and respected. It also provides clarity and guidance for those who may need to support you in the future.

• Communicate your values, preferences, and priorities clearly before a health crisis occurs with the people you trust.
• Ensure your wishes for care, living arrangements, and lifestyle are understood and respected by having and documenting important conversations.
• Know this may reduce stress and uncertainty for family members who may need to make decisions on your behalf and prevent misunderstandings or conflicts among family members or caregivers.
• Identify the type of support you may need by sharing your vision for independence, housing, health care, daily activities, personal enjoyment, connecting with others, and more.
• Prepare your legal and financial documents, such as advance directives, advance care plan, power of attorney, and a Will, based on your wishes.
• Encourage open and honest conversations about aging, health, and end-of-life preferences.

Protecting your finances as you age is essential for maintaining your plans for your future and healthy lifestyle and preventing financial loss. Review these strategies to help you protect your finances, identity, health, and future.

• Have an enduring power of attorney document for both property and health care to ensure someone you trust can make decisions if you are unable to.
• Protect your personal information by never sharing your PIN, banking details, or sensitive information over the phone.
• Set up automatic bill payments to ensure bills are paid on time and reduce the risk of missed payments. And direct deposit for cheques and payments.
• Review your bank and credit accounts regularly to identify errors, unusual activity, or potential scams.
• Consult trusted professionals such as accountants, financial planners, or lawyers for estate and financial planning.
• Shred bank statements, receipts, and personal documents before disposing of them to prevent identity theft. Never put them in recycling.
• Hang-up on calls, emails, or messages that request personal or financial information.
• Monitor for signs of fraud, including unusual transactions or excessive trading on investment accounts.
• Stay connected with trusted family and friends to share your concerns to reduce the risk of financial abuse.
• Seek professional advice before making major financial decisions, such as loans, property transfers, or investments.
• Visit websites that provide strategies for fraud protection and protecting your finances.

• Start the process online or go to a Service BC office with your identification (birth certificate, driver’s license and/or passport).
• Know that the BC Services card is a government-issued identification card for residents of BC. It serves as both a personal ID and access to provincial government services – in-person, online and on your phone.
• Check out how to set up your BC Services card online or watch the video.
• Check out the other government programs that you need a BC Services card like Health Gateway (your health information), My Services Canada Account (for grants and benefits), and more. Here is a link to the complete list needing a BC Card Login.

Registering for PharmaCare

• Know that Fair PharmaCare (PharmaCare) is a provincial program that helps cover the cost of prescription medications, dispensing fees, and some medical supplies for BC residents.
• Understand that the program is income-based, assistance is based on your family’s net income over the past 2 years—the lower your income, the more assistance you may receive.
• Recognize that you share the cost of medications, with you paying a portion and the BC government paying the rest.
• Present your BC Services Card or Personal Health Number (PHN) at the pharmacy so the pharmacist can check your eligibility and apply coverage automatically at the pharmacy counter.
• Register for Fair PharmaCare to ensure you receive the correct deductible and benefits, as coverage is not always automatic.
• Complete registration only once while consenting to an annual income verification with the Canada Revenue Agency (CRA).
• Include all eligible household members in your registration, as a “family” may include a single person, a couple, or a couple with children who have active MSP coverage.
• Register online through the BC government website Pharmacare or call 1-800-663-7100 to apply and have your PHN ready.

Coverage by PharmaCare

• Know that PharmaCare generally only helps cover prescribed medications by a physician or nurse practitioner.
• Ask your pharmacist what medications are covered before filling a prescription to avoid unexpected costs.
• Know that some contraceptives (oral contraceptive pills, hormonal and copper IUDs, contraceptive implants, hormone injections, and emergency contraception) and menopause therapies—may be covered at no cost.
• Learn about Special Authority medications, which require your physician or specialist to request approval from PharmaCare before the program will cover all or part of the cost.
• Explore additional PharmaCare plans and government-supported programs, such as Plan G (psychiatric medications), Plan C (income assistance recipients), Plan P (palliative care), Plan Z (contraceptives and opioid addiction treatments), and Plan NP for This plan provides 100% coverage for select menopausal hormone therapies (MHT)—including oral progesterone, vaginal estrogen, and topical estrogen.
• Check whether other government-supported programs can help with costs for services such as stop-smoking prescriptions, diabetes medications, opioid use disorder treatments, and some medical devices or supplies.
• If travelling, learn what the medical services plan and PharmaCare may not cover outside of BC, such as hospital stays, treatments, and medications.

In addition to MSP and PharmaCare, there are options that may help reduce your health and lifestyle expenses. Secondary coverage also referred to as extended health benefits, private insurance, or other supplementary government programs. Exploring multiple sources of coverage can help ensure you receive the financial support you need.

• Review your existing health benefits package and record what items are covered and at what percentage and if there is an annual maximum amount.
• Consider purchasing private health insurance to help cover services such as dental care, vision care, prescription medications, physiotherapy, or counselling. Monitor usage that your annual fees are not greater that your services cost.
• Apply for government income or disability assistance programs if you have limited or no income and need additional financial support.
• Explore your eligibility for disability-related benefits that may help cover the cost of medical equipment, mobility aids, home supports, transportation, and other health-related services.
• Look into condition-specific programs, grants, or support funds offered by health organizations or charities for people living with certain illnesses or chronic conditions.
• Confirm your eligibility for Indigenous health benefits if you are First Nations or Inuit, as additional health services and supports may be available.
• Claim eligible health-related expenses through the Medical Expense Tax Credit when filing your income taxes.
• Ask your pharmacist about lower-cost generic medications or medication review programs that may help reduce prescription costs.
• Access community health clinics or non-profit organizations that provide free or low-cost or sliding-scale services such as counselling, physiotherapy, or dental care.
• Investigate medical equipment lending programs through community organizations that may provide items such as wheelchairs, walkers, or other mobility supports.
• Contact local health authorities or community service agencies to learn about transportation assistance programs for medical appointments.

Seeking extended health care benefits in BC involves combining MSP coverage with optional private or government-subsidized plans. Whether from an employment or pension plan, government programs, or private insurance – keeping track of your health-related expenses and benefits can help you manage your costs, understand your coverage, and claim eligible expenses on your income taxes.

• Keep all receipts for medical expenses such as prescriptions, dental visits, therapy sessions, and medical equipment.

• Record any reimbursements received from extended health benefits, private insurance, or government programs such as PharmaCare.

• Save statements or explanations of benefits from your insurance provider that show what was paid and what you paid out-of-pocket.

• Document travel and transportation costs related to medical appointments, including mileage, public transit, or accommodation if required for treatment.

• Log costs for over-the-counter medications, medical supplies, or assistive devices that may qualify as medical expenses.

• Know that you can ask your pharmacist for annual summaries of your prescriptions or services if available.

• Keep records of payments for services such as physiotherapy, counselling, massage therapy, dental or vision care, or other health professionals.

• Use a notebook, spreadsheet, or budgeting app to track health-related expenses monthly.

• Organize documents in your Mywell planner/ binder or in a digital file folder for easy retrieval.

• Review your records at the end of the year to determine which expenses may qualify for the Medical Expense Tax Credit.

 Make a list of all your health benefits. Include the following information and save it in your Health contact list.

• Type of benefit or insurance (Dental, PharmaCare, Private Insurance, Government Benefits)

• Name of Carrier/Company/Source

• Plan Number

• Contact Person, Phone, and Email

• List of Services

• Coverage Amount (% or amount per service, deductible, and annual maximum).

• Personal Notes

You have the right to apply for programs and services you are eligible for. Many health conditions are not visible but can still limit what you are able to do, so it’s important to learn what supports are available to you.

• Review your income and determine what assistance is needed such as housing, equipment, supplies, medications, transportation, or other.
• Have your Health Profile up to date and share your health journey in confidence with those helping you with applications.
• Make sure you have ID, like photo ID, your Social Insurance Number (SIN), and your Personal Health Number (PHN) are accessible for applications.
• Set up online accounts, such as My Service Canada Account and your BC Services Card.
• Ensure to file your income taxes every year as many benefits are based on the tax information submitted by your household over the previous 2 years.
• Apply online whenever possible, as it is easier to track and follow-up on applications.
• Save copies or screenshots of applications, letters, and confirmation numbers.
• Set calendar reminders to renew benefits or reapply when needed.
• Update your information if your income, address, or health situation changes.
• Check what programs you might qualify for such as Income Assistance, Disability Assistance, Fair PharmaCare special programs, GST credit, Disability Tax Credit, or others.
• Make a list of the programs & benefits you are eligible for. Read all the details and call support lines for assistance as needed.

Applying for financial support can be overwhelming. The rules, forms, and language can be hard to understand, and each benefit or program has its own eligibility requirements. Getting direction from a professional or someone who has been through the process can be very beneficial.

Summary Tools

For an overview of benefits, eligibility criteria, and more – check out

• Pathways to Benefits from the Government of Canada. Table of benefits in BC and Canada.
• Benefits Canada Finder to see what matches your needs.
• BC Disability Help Sheets from Disability Alliance BC in multiple languages.

Specific Benefits/ Grants/ Programs

Explore those that match your eligibility and need.

• Persons with Disabilities (PWD) in BC for financial assistance and medical benefits for those who are eligible.
• Long Term Disability Insurance, if you have been employed and are facing a new serious physical or mental illness or injury that prevents you from working.
• Canadian Disability Pension Plan for people under 65 years with prolonged physical or mental disability contributing to CPP.
• Canadian Disability Benefit for people under 65 years.
• Disability Tax Credit for people with severe or prolonged health issues or their caregivers.
• Home Owners Grant reduces property taxes for those eligible.
• Registered Disability Savings Plan for future expenses.