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Diabetes and money: 4 steps to financial clarity after your diagnosis
February 20, 2026
By Carolina Henao, B.A., CFP®, CLU®
A new diabetes diagnosis can bring a lot of questions. That’s completely normal, and you’re not alone. Here are steps you can take to gain peace of mind.
The father of Sun Life financial planner Carolina Henao, B.A., CFP®, CLU®, was recently diagnosed with type 2 diabetes. Here’s what helped her family move forward together.
A diabetes diagnosis can be really overwhelming. After the initial shock, many people wonder: What’s next? What do I do now?
As a financial planner at Sun Life, I've worked with many clients navigating this journey. Then, when my own father was diagnosed with diabetes, I experienced first-hand how a diagnosis can affect not just the individual, but the entire family.
3 money questions everyone asks
While there are many questions, three main ones come up consistently:
- The cost: What is this going to cost me on a monthly basis, on an annual basis?
- Coverage: What is covered by my plans – group plans, private plans – and what will be out-of-pocket?
- Support: What financial support programs could I be eligible for?
Your first 4 steps: From diagnosis to financial clarity
Here’s what you can do to find answers.
1. Access support
Talk to your doctor about counselling and education. Connect with support groups. You can start locally – go to community centres and see what type of help is available.
Plus, organizations like Diabetes Canada offer resources about the financial side of living with diabetes, including information about out-of-pocket costs.
2. Talk to your family
This diagnosis impacts your family as well. Share how you feel and ask them how they feel. What changes will happen? You can plan together on how to move forward as a family.
3. Explore your workplace benefits
Make sure you understand everything you can access within the benefits that you have.
If you're employed and you have a benefit plan or you have a private medical plan, make sure you understand what’s covered.
These plans often include more than you think, so ask your HR person for your benefits booklet. (Many people don't even know it exists.) Then review what's covered for you, your spouse or partner, and your children.
Employers want you to feel supported. Benefits are designed for employees – so don't be afraid to ask questions.
4. Speak to a financial professional
Financial advisors are with you today and tomorrow. They look at the whole picture – your current needs and your long-term plans. You don't need all the answers right away. Start the conversation now. The answers will come.
There are many programs you can access. As financial professionals, we can help you and guide you through the process.
For example, one important benefit is the Disability Tax Credit (DTC). It's a non-refundable tax credit that helps reduce the amount of taxes you pay. More good news: the DTC can also be retroactive up to 10 years.
For insurance, there are options like Sun Life Term Insurance for Diabetes, which offers higher approval chances and affordable premiums for people with diabetes.
An advisor can help with budgeting strategies, understanding tax credits, government programs, and more. They can help you understand how to readjust your budget into the things that are now going to be additional expenses.
Quick checklist: How to make the most of your money
- Figure out your monthly costs. A budget calculator can help here.
- Find out what’s covered. Check your employer’s health plan or private insurance.
- Learn about support programs and tax breaks.
- Reach out to a financial advisor.
Talking about diabetes with your financial advisor
To be clear: There's absolutely no need to share your health details. However, mentioning your diabetes means you can be guided to financial options you might not even know exist.
Sometimes people feel embarrassed, like “I did something wrong.” My dad's diagnosis taught me: you don't have to have all the answers. And your advisor wants to help.
Remember, take one step at a time. You're not alone in this journey.
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This content does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
Advisors and their corporations conduct insurance business through Sun Life Financial Distributors (Canada) Inc. Mutual fund business is done with your advisor through Sun Life Financial Investment Services (Canada) Inc.