The overlooked part of financial planning: your health

Canada’s health-care system is under increasing strain. Wait times for diagnostics and specialist care continue to rise, and with more Canadians requiring complex care, those pressures are unlikely to ease soon.

In fact, there were more than 861,000 Canadians aged 85 or older counted in the latest census, representing 2.3% of the population. This is one of the fastest-growing age groups, increasing by 12% in just five years – and this cohort is expected to grow. As Baby Boomers – the largest generation in Canada – continue to age, the number of Canadians who are 85 or older could triple to almost 2.5 million people in just 25 years.1

The result? More demand on our healthcare system, fewer resources per person, and greater potential impact on your financial and personal plans.

At Herr Wealth Advisory, we know that comprehensive planning means looking beyond investments and taxes. True financial confidence comes from understanding how every part of your life, including your health, connects to your future. Because without good health, even the best plan can come under stress.

When health challenges affect families and individuals

For many families, a financial plan focuses on creating steady income streams, protecting assets, and supporting the next generation. Yet one unexpected health event can shift those priorities overnight.

Delays in diagnosis or treatment can interrupt travel, caregiving and lifestyle plans. The need for private home care, rehabilitation, or medical travel can create new costs not fully covered by public programs. And for couples, when one partner becomes a caregiver, the emotional and physical demands can quickly affect both spouses’ well-being.

Proactive health planning helps protect not just your retirement goals, but the lifestyle and independence you’ve worked to build.

When health challenges affect business owners

For business owners, health issues can have far-reaching implications. If you or a key team member face a sudden illness or long wait for testing, the ripple effects can be immediate.

Operations may slow down, strategic decisions can be delayed, and employees may feel the strain of added responsibilities. Even a short absence can lead to lost productivity, missed opportunities or increased stress across the business.

Health planning isn’t just a personal matter. It’s a business-continuity strategy. A proactive approach can help keep your enterprise strong while protecting your family’s financial security. It’s also a meaningful way to support the people who help your business succeed every day.

Taking a proactive approach

The most effective health planning starts early. Incorporating a comprehensive health assessment into your financial plan allows you to identify potential issues before they affect your personal or business goals.

For individuals and families, it’s about protecting the quality of your retirement years. For business owners, it’s about ensuring your company can continue to operate smoothly. Either way, the goal is the same: to stay in control, not react under pressure.

Private health solutions: Faster, broader care

While Canada’s public health system provides an essential foundation, private options can fill critical gaps by offering faster access, more comprehensive diagnostics, and more tailored support.

Private health options include:

• Executive health clinics: Facilities like Medcan, Cleveland Clinic Canada and Telus Health Care Centres offer full-body assessments, cardiovascular screening, cancer markers, and lifestyle coaching.
• Virtual platforms: Services such as Maple and Telus Virtual Care provide quick access to medical professionals online – a valuable tool for those with busy schedules or mobility limitations.
• Private Diagnostic Centres: Immediate access to MRI, CT scans, and advanced blood panels can make a significant difference in early detection and treatment timelines.
   

Health coverage that goes further

Private insurance can extend access to care across Canada and internationally. Two notable providers include Best Doctors Insurance and VUMI Canada, which provide:

• Plans for individuals, families and corporations
• Coverage up to $5 million lifetime, available to age 75
• Worldwide access to expert medical advice
• Coordination of records and appointments
• Help navigating the health system efficiently, so you can make informed choices
   

For individuals, private health coverage can help protect your long-term well-being and preserve quality of life. For business owners, it offers the same protection – and extending that coverage to your team can strengthen loyalty, attract top talent, and promote a healthier workplace.

Why it matters for your future

Health directly affects every part of your financial life: from your retirement income streams to your business transition plans. A comprehensive financial strategy should include both wealth and wellness planning to ensure you’re prepared for whatever lies ahead.

At Herr Wealth Advisory, we help clients take this broader view. Whether you’re an individual, a couple, or a business owner, we’ll work with you and your team of professionals to ensure your financial roadmap supports your lifestyle, your enterprise, and your long-term goals.

Ready to plan for every part of your future?

Let’s talk about how health planning can strengthen your financial strategy and give you greater confidence in what’s ahead. Contact us today.

Sources

A portrait of Canada’s growing population aged 85 and older from the 2021 census. April 27, 2022. Statistics Canada. https://www12.statcan.gc.ca/census-recensement/2021/as-sa/98-200-x/2021004/98-200-x2021004-eng.cfm.