When we think about cancer, we naturally focus on the physical and emotional challenges it brings. What often receives less attention is the financial impact.
A recent Canadian Cancer Statistics 2024 Special Report found that while Canada’s healthcare system covers much of the medical cost of cancer, individuals and families continue to shoulder billions of dollars in out-of-pocket expenses every year. These costs can include prescription medications, travel for treatment, home care, lost income and time away from work.
While no one can predict the future, preparing for life’s unexpected events is an important part of a comprehensive financial plan.
The Financial Reality
The report estimates that cancer cost Canadian society $37.7 billion in 2024, with approximately 20% of those costs paid directly by individuals and caregivers rather than the healthcare system.
Beyond medical expenses, families may face:
- Lost income during treatment or recovery
- Travel and accommodation costs for medical appointments
- Prescription medications and medical supplies
- Childcare or caregiving expenses
- Reduced retirement savings while focusing on immediate needs
These financial pressures can arrive quickly, often at a time when families are already managing significant emotional stress.
Where Financial Planning Can Help
A strong financial plan isn’t just about growing wealth. It’s about preparing for the unexpected.
Reviewing your financial plan regularly can help ensure you have strategies in place to protect your family if illness affects your income or increases your expenses. Depending on your situation, that may include:
- Building an emergency savings fund
- Reviewing disability and critical illness insurance
- Protecting your family’s income
- Understanding what workplace benefits already provide
- Ensuring your financial plan reflects your current stage of life
Critical illness insurance, for example, may provide a lump-sum payment if you’re diagnosed with a covered condition, helping offset expenses while you focus on recovery. Coverage varies by policy, making it important to understand what’s included before you ever need it.
The Bottom Line
The financial impact of cancer extends well beyond healthcare costs. Planning ahead can’t eliminate life’s uncertainties, but it can help reduce financial stress when it matters most.
At FSW Wealth Partners, we believe comprehensive financial planning goes beyond investments. It includes protecting your income, reviewing your insurance coverage and building a plan that supports you and your family through every stage of life.
If you haven’t reviewed your financial plan or insurance coverage recently, now may be a good time to start the conversation.