Scantlebury Wealth Management

A cancer diagnosis is often overwhelming, not just emotionally and physically, but also financially. Treatments such as surgery, chemotherapy, and radiation can make it difficult for patients to maintain their employment, leading to a significant decline in household income. This issue, often referred to as "financial toxicity," is particularly prevalent in Canada, where the healthcare system provides universal coverage yet still leaves patients facing substantial out-of-pocket expenses.  x The Canadian Cancer Society indicates that the average financial burden for a Canadian cancer patient over their lifetime is estimated to be nearly $33,000. Given that only about 50% of Canadians have disability insurance, either on their lives or through group benefits, the potential for debt accumulation or depletion of savings is high and the additional strain that this situation adds to individuals already battling a life-threatening illness is real. One of the financial challenges ari...

In Canada, it is often assumed that healthcare coverage extends uniformly across our 10 provinces and three territories. However, a recent incident underscores the crucial need for travel medical insurance even when traveling within the country's borders. As reported by Pat Foran of CTV News, Doug McGinley experienced an alarming situation during a cross country trip this year. Despite typically purchasing travel medical insurance for international trips, Doug - a resident of Oakville, Ontario - didn’t acquire coverage for this trip. After all, he was just travelling within Canada. What could go wrong? However, while driving through Saskatchewan, his journey took an unexpected turn: he began experiencing chest pains. After crossing into Alberta, he was admitted to a hospital in Medicine Hat, where medical professionals determined that he had suffered a mild heart attack. The situation escalated, requiring air ambulance transport to Calgary for emergency treatment. During this harro...

  On November 8th, readers of the Montreal Gazette may have come across an insightful article by Susan Schwartz that focuses on the significant challenges faced by the Irwin family in caring for their loved one, which raises important questions about the support systems available for those dealing with critical illnesses, such as dementia. The statistics presented in the article are striking. In Canada, a staggering 61 percent of individuals with dementia live at home, yet only 43 percent obtain a home care assessment within six months of their diagnosis. Of those assessed, just 58 percent go on to receive the necessary community and home care services. Alarmingly, 43 percent eventually transition into long-term care facilities, often due to a lack of adequate support in the home environment. Imagine what could be provided to so many Canadians if we planned for our older years in the same way that we planned for our retirement. Imagine what you could do if you had a lump sum that c...

  In the evolving landscape of philanthropy, integrating life insurance strategies into planned giving programs is a vital tool for enhancing the financial stability of charitable organizations. By adopting a planned giving strategy that employs life insurance policies, a charity will create sustainable funding mechanisms that contribute to existing efforts and help to safeguard its future. Accordingly, this approach allows an organization to expand its capabilities, support ongoing programs, and develop new initiatives that align with its mission. Utilizing life insurance as a component of planned giving offers profound advantages. For example, Life insurance can significantly enhance a donor's capacity to contribute to charitable causes. By leveraging life insurance, donors can transform relatively modest premiums into substantial future benefits for their chosen charities. Accordingly, you are using “pennies to contribute dollars” to a charity. This approach allows individuals t...