Keep Calm & Breathe
(Yes, this is the same as last week!)
Everyone’s situation is different. Some of us have access to a lot of financial and legal resources. Many of us do not. A health challenge can really wreak havoc on your life plans – and this means being clear on – and taking charge of – your financial and legal plans. Especially if you don’t already have financial and legal teams in place. And don’t know where to start.
Financial Planning
Whoo boy. This is an area that requires you to have a support team member – or members – who can advise you. There are so many aspects to financial planning and it isn’t something you do alone.
Basic financial planning consists of 4 areas: A foundation of protection (life and disability insurance), savings and then different types of investments. We were caught in a life/work transition when Tony’s health started to really decline so we are (again) the poster-children for how NOT to do things – we had some fundamental gaps in our ‘protection’ layer and when Tony’s health declined we were caught out. Here are some nuggets from our own healthcare journey:
- * Tony’s health declined and while we were managing, we were isolated geographically from easy access to decent healthcare and from a social network. This impacted my ability to find work and so it impacted our finances.
- * We didn’t fully know about getting Tony onto disability – it’s about much more than getting a monthly payment and navigating the process can be rocky. So much so that in BC there is an independent advocacy organization that helps people navigate (TAPSBC.ca; Together Against Poverty).
- * Our accountant wasn’t familiar with disability tax credits, or family caregiver tax credits. Finding help with taxes can become an issue, especially if you aren’t in a position to pay for help with taxes. There are places that will help with disability taxes, but there are often exclusions if you’re self-employed.
- * We had help paying for accommodation after Tony’s transplant, as we had to relocate to Vancouver for 4 months. Our transplant social worker helped with this and even then the process wasn’t smooth. There are ways to find help with financing – but it depends on your support networks (which is why we did the Care Map work).
- * We have no idea if there were programs to help drive Tony to and from appointments – if there were we didn’t find them. We didn’t qualify for the cancer driving – because he didn’t have cancer. And he was denied other help because he wasn’t yet a senior. This had an impact on my ability to work.
Make a Plan. Where Do You Need Help?
Financial planning is complex and requires input from a variety of sources. It’s not something to take on alone – and when a health issue is involved it will also include your doctors and specialists if you are preparing a submission for disability. Take some time now to consider your own situation AND IDENTIFY YOUR FINANCIAL HEALTH NETWORK.
Questions to consider:
- * Who do you know or who can you speak to about getting the ‘protection’ level organized? Do they know about insurance, tax planning and savings vehicles for those with disability and their care partners?
- * What existing protections and/or benefits do you have in place, either privately or through your workplace? Who can you speak with about these?
- * Is getting onto government disability something you want to explore? Do you know an individual or local organization that can help you navigate this?
What other questions do you have about organizing your finances? You can book a consulting session with me if you’d like support in planning how to expand your financial health network.
