TEXT ON SCREEN: Sun Life
TEXT ON SCREEN: How to make the most of your money
Xania: “As someone with personal family experience with type two diabetes…”
TEXT ON SCREEN: Xania Khan, Host, Director Content Strategy, Sun Life
Xania: “I'd love to know from you what are the big money questions that people come to you, and maybe even do you sense when they might be holding back?
Carolina: "Yes, absolutely."
Xania: "Talk to me about that.”
TEXT ON SCREEN: Carolina Henao, B.A., CFP®, CLU®, Financial Planner, Sun Life
Carolina: “Yeah. So a diagnosis like this, it's really overwhelming for people. Right. So when you have to share not only how you feel, but also what this is going to entail, what's going to happen to me? It's really difficult for people to share. Even if they have it, they trust you. Sometimes people feel embarrassed somehow, like, if this is, I did something wrong and you know, I don't want to be judged. I had my dad that was recently diagnosed with type two diabetes over the summer, so it's only been a few months. So I know firsthand what you know, how people feel. It's like, you know, have the diagnosis and it's like it's a shock. And then what happens next? What now? What do I do now? There's many questions, but I will say there's three that are the main questions that I usually receive. The very first one is the cost. So what is this going to cost me? What is it going to be? The cost of managing my condition on a monthly basis, on an annual basis? They're concerned about that. Another question that comes is on coverage. So what is covered? What is covered by the government? What is covered by my plans – if they have any, you know, group plans, private plans – and what will be out-of-pocket."
Xania: "Yeah."
Carolina: "And I will say the third one, it's basically: what government support programs am I eligible to?!"
Xania: “How do you coach someone or how do you work with your clients on how to manage those day-to-day expenses? What kind of financial supports are available to Canadians to help them through this?”
Carolina: “So I will say there's many programs they can access. And I always tell them, start by your community, like go to the community events or like talk to your municipalities and see what type of help you can get in terms of, you know, a group, maybe support groups and things like that. But they're also important, benefits they can get. For example, one of them is a disability tax credit. It's a non-refundable tax credit. So it means that it doesn't come to you in the form of a like a lump sum payment and/or a cash payment. But it helps reduce the amount of taxes you owe.”
Xania: “Carolina, you talked about, you know, taking one step at a time. What would you say people should do or how to approach, once they've been diagnosed with type two diabetes?”
Carolina: “The first one I will say is, ask your doctor, you know, now that I have this, how can I access maybe some support? Like what I was talking about my dad, maybe some counseling…”
TEXT ON SCREEN: Access supports
Carolina: “…Someone that can teach me a little bit more about what this means for me, and then what I can do to improve my wellbeing. That will be my very first one. The second one is talk to your family because you know it's not only you, but it's also, a diagnosis for the rest of the family. So talk to your family…”
TEXT ON SCREEN: Talk to your family
Carolina: “…and tell them how you feel and ask them how they feel or what maybe needs to be changed, or if they feel that this change is going to impact them. I just hear them up. Three is talk to your financial professional…”
TEXT ON SCREEN: Talk to a financial professional
Carolina: “…and ask them about what sort of help can you get, not only on your, you know, the side of your finances. It can help you with budgeting, understanding a little bit better. How can you maybe set aside some of your budget into the things that are now going to be additional expenses, but also, what type of programs you can access, like government programs, tax credits, things like that. We as financial professionals know more about all of these programs, and then we can help you and guide you through the process and maybe recommend what things you can go for. I will say the fourth one is make sure that you understand…”
TEXT ON SCREEN: Explore benefits plans
Carolina: “...all the things you can access within any benefits that you have. So if you're employed by, you have an employer, and you have a benefit plan or you have a private medical plan, make sure you understand if you want to have...”
Xania: “Or your spouses or partners.”
Carolina: “Exactly. So make sure you understand what you're covered for. Sometimes a lot of people have these benefits, but they just don't know what is there. Even the booklet, a lot of people don't even know there is a benefits booklet. Where is it?"
Xania: "I don't know, your booklet can be pretty thick..."
Carolina: "So ask your HR person. Ask them, like, I need information on this. Can you please send me this? And then study it. Employers nowadays they feel that the benefits are not so much for them, but for the employees. They want to make sure they feel happy. So, you know, don't be afraid or don't be ashamed even to ask for help.”
TEXT ON SCREEN:
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