Financial Planning and MS

A budget can help you understand and manage your money.  To create one, you can follow these steps:   

1. List your total monthly income. This will include employment income, disability benefit payments, and any other income supports.  
2. List your monthly expenses. Include mortgage or rent payments, utilities, groceries, medications, etc.
3. Balance your budget: Subtract your expenses from your income. If your expenses are higher, you may consider making some changes if possible or look into other financial supports that could help.

If this feels like too much to manage, it may be helpful to reach out to a credit counsellor or a financial advisor for help. You don’t have to sort it out alone.

Most people carry some debt, and it’s completely normal to need help understanding or managing it. Many choose to talk through their options with their bank, credit union, or another financial professional. Here are some common approaches people use when working toward better financial health.

Look at Your Interest Rates: A first step is to list your debts from the highest interest rate to the lowest. This helps you see where your money is going and which debts are costing you the most.

Pay Down High‑Interest Debt First: High‑interest debt, especially credit cards, grows quickly and can make it hard to get ahead. Focusing on paying these down first is one of the most effective ways to improve your financial situation.

Consider Debt Consolidation: If you have several high‑interest debts, debt consolidation may help. This means combining multiple debts into one fixed monthly payment, often at a lower interest rate than a credit card or line of credit.  If you consolidate, it can be helpful to reduce your old credit limits, so you don’t end up back in the same position.

Talk to Your Creditors: If you’re worried about missing payments, reaching out to your creditors early can make a difference. Many companies are willing to discuss payment options before things become unmanageable.

Connect With a Non‑Profit Debt‑Counselling Organization: Organizations like Credit Counselling Canada can help you understand your repayment options at little or no cost. Visit www.creditcounsellingcanada.ca to learn more.

Explore Options for Very High or Unmanageable Debt: When debt feels overwhelming, some people look into more formal solutions, like bankruptcy, to understand what might help them move forward.

It’s important to get your debt under control before you start focusing on saving or investing. In most cases, you won’t earn more from an investment than the interest you’re paying on a credit card. Paying down high‑interest debt is a strong first step toward improving your financial health, since it cuts the amount, you’re paying in interest.

A helpful habit is to “pay yourself first.” This means putting money toward your future before spending on other things. You can make this easier by automating your savings or investments through pre‑authorized contributions.

Use workplace savings plans if you have them

If your employer offers a group RRSP or pension plan, sign up as soon as you’re eligible.

• Try to contribute enough to get the full employer match, if one is offered.
• Make sure you understand how your money is invested, since many plans require you to choose your own investment options.
• The right investment approach depends on your age, goals, comfort level, and how long you plan to invest. For some people, taking on more risk may make sense; for others, a steadier approach may feel right.

There are many ways to save and invest, including:

• Savings accounts
• Money market accounts
• Guaranteed Investment Certificates (GICs)
• Registered Retirement Savings Plans (RRSPs)
• Tax‑Free Savings Accounts (TFSAs)
• Registered Disability Savings Plans (RDSPs)

Consider your options based on your goals and what you want your money to do for you. A financial professional can help you choose the approach that fits your situation.

Many people think a TFSA is just a savings account because of the name. A TFSA is often best used as a long-term investment account, not something you put money into and take out regularly.

There may be grants or scholarships available to young people who are affected by MS. Start by connecting with the school’s financial aid office or the links below to find out more. 

• Canada Student Grants and Loans 
• The National Educational Association of Disabled Students (NEADS) Student Awards Program 
• Disability Awards 

A will is a legal document that explains how you want your property, belongings, and other wishes handled after you die, including care for minor children and funeral plans. If you don’t make a will, decisions about your estate will be made by your closest relatives, and sometimes a lawyer or government agency may be involved. You can make a will yourself using a trusted online service, but getting legal advice is a good idea - especially if you have a larger estate, live with a disability, expect long‑term care needs, or want to set up a trust.

A power of attorney for finances and property is a legal document that lets someone you trust, like a family member or friend, manage your money and property if you can’t. You can choose a general power of attorney, which works while you’re still able to make decisions, or a continuing (enduring) power of attorney, which stays in effect even if you become unable to make decisions. 

Employee or Private Health Care Benefits. Prescription drug coverage is usually included in your or your spouse’s employer or union group plan, or private health insurance. These plans often require you to pay some of the cost, and many have yearly or lifetime limits on how much they will cover.

Provincial and Territorial Drug Programs. Each province and territory offers a public drug plan that helps cover the cost of prescription medications for people who are eligible. These programs are different across the country. To learn what is covered, visit the health services section of your provincial or territory government website, or connect with an MS Navigator. 

Drug Companies. Pharmaceutical companies that make MS treatments sometimes offer financial help. You can find contact information for each drug support program under the Treatments for Multiple Sclerosis section of our website.

MS can sometimes make personal care or managing a home more difficult, or not possible without support. Provincial and territorial insurance in Canada provides very limited coverage for this kind of help. Without long‑term care insurance that includes home care, most paid support ends up being an out‑of‑pocket cost. 

Before hiring anyone: 

• Think about what kind of help you need, like as medical care, personal care, housework, or companionship.
• Take part in interviewing potential help 
• Ask for references and find out what they charge.
• Write down the tasks you want them to do so everyone is clear.
• Keep your valuables in a safe place and keep an eye on spending if they shop for you.
• Ask friends or family to drop by occasionally while your helper is working.

Visit  Home and community health care for more information.

Decisions about home changes depend on how MS affects your daily life. Some changes involve adding things to your home, like grab bars, while others may need more major work, like hiring a contractor to widen doorways to fit mobility aids. Financial assistance for home adaptations may be offered through government programs like tax credits, grants, or forgivable loans. If you need to hire a contractor, try to get quotes from at least three licensed contractors to compare prices. 

MS Canada’s Quality of Life Equipment Grant offers $1000 per person each calendar year for eligible equipment. Please see our equipment guidelines for more information.

If you rent your home or apartment, you may want to look for places that already have features like step‑free entrances, elevators, wider doorways, grab bars, or appliances that can be reached easily. Your local housing authority or independent living centre may be able to help you find buildings that offer these kinds of adaptations. 

If your living space doesn’t accommodate your physical needs, ask your property manager if you can move into an accessible unit or ask the apartment owner to modify your apartment for your disability. If you’re denied, you can contact your local housing authority or the provincial and territorial human rights commission. 

Assistive devices can help make daily tasks easier. They can include a wheelchair, special computer screen, cane or an easy-to-grip door handle. Having the right device can make the difference between dependence and independence. Talk to your doctor, physiotherapist (PT), or occupational therapist (OT) to find out what kind of assistive device would be best for you.  

Some provinces and territories pay for a portion of assistive devices that have been prescribed by a health care professional. Our Quality of Life Equipment Grant helps cover equipment costs. It’s income-based and covers up to $1000 CAD per year. Contact MS Navigators at 1-844-859-6789 for more information on additional funding options. 

Group health insurance is provided by employers and is usually more affordable because the cost is shared across many people. These plans can’t exclude or limit coverage for pre‑existing conditions (health issues you had before the policy started).

Individual health insurance is something you buy on your own. These plans require medical underwriting, meaning the insurer will ask for your full medical history and may review your health records. Pre‑existing health conditions like MS are not always covered. Some plans may exclude them, limit the benefits, or charge higher premiums.

• Deductibles and Copayments
  A deductible is the amount you pay yourself before the insurance starts covering eligible expenses. A co‑payment is a set fee you pay for certain services, and it doesn’t always count toward your deductible.
• Lifetime Maximums
  Some private health plans have a “lifetime maximum benefit,” which is the total amount they will pay over your lifetime. Once you reach that limit, the plan stops paying. There may also be limits for a single illness or health condition, or yearly limits for certain services, medications, or equipment.

Critical illness insurance pays a lump sum if you’re diagnosed with a covered condition and meet the policy’s waiting period. You can use the money for medical costs, home care, bills, or other expenses. Some employers include this coverage, but you can also buy it on your own. Always check what conditions are covered and how the policy works.

Long‑term care insurance helps cover the cost of care at home or in long-term care. It gives families more options when deciding what kind of care is needed and where it will be provided. If you already have this type of insurance, your agent can help you apply for benefits. If you don’t already have a policy, you won’t be able to buy one after an MS diagnosis. Some employers may offer long‑term care insurance as a benefit.

Medical emergencies while traveling can be expensive, and provincial health plans generally don’t cover out‑of‑province or out‑of‑country medical costs. Travel insurance is available to people living with MS, but you’ll need to review the policy carefully to understand any limits related to pre‑existing conditions. Make sure you have written confirmation that MS‑related emergencies are covered. Some plans may offer general medical coverage but exclude MS‑related claims.

Life insurance is important, especially for couples or parents. How much life insurance you need may depend on: 

• If you have a spouse or partner, and if they work
• If you have any dependent children, and if they have special needs
• If you have elderly parents who rely on you for financial support
• Your current savings and investments

Living with MS, you may not qualify for life insurance at standard rates. However, your employer might let you buy extra coverage on top of what they provide. If you change jobs, you can convert your group life insurance into an individual policy, so you don’t lose coverage.

Credit or loan insurance may help if you can’t work and make loan payments. If you bought the coverage before your MS diagnosis, you might be able to make a claim. If it’s approved, the insurer pays your lender directly to keep your payments up to date for a set amount of time. 

If you have a complaint about your insurance company, start by filing it with them directly. If it isn’t resolved, you can ask for a neutral third‑party review. For life and health insurance issues, you can contact OmbudService for Life and Health Insurance  or L’Autorité des marchés financiers in Québec. You can also reach your provincial or territorial insurance regulator.