This is the time of year to review your financial plan + MORE Dec 25th

For most of us, Canada’s universal healthcare system is a point of national pride. The peace of mind that comes with knowing you’ll be taken care of in the event you become sick or injured is priceless. Unfortunately, some treatments do come at a cost, and not everything is covered under your provincial healthcare plan. For example, in some provinces, prescription drugs, rehabilitative care, vision and dental care are not covered.
And while you can apply for separate health insurance coverage to offset some of these expenses, this surely comes with a cost, and some plans don’t completely cover certain treatments – leaving you to still pay a portion of the bill.
If you find that you’re paying for certain healthcare expenses out-of-pocket, here are some ways you can reduce your healthcare costs.
Back to school
In order to become an official doctor, nurse, or dentist, you need to first study the trade in school. Part of that studying calls for practicing on real patients. People who are willing to be treated by soon-to-be doctors and dentists can get a discounted rate on treatment…

Q: We have $320,000 in a balanced portfolio in a LIRA. Our insurance agent wants us to transfer this money to segregated funds. I don’t think this is a wise move for us as we are close to retirement age. Am I right? And when do segregated funds make sense?
— Roger
A: You are right to be skeptical. Few unbiased financial planners would recommend segregated funds under any circumstances. In almost all cases, they only make sense for the agents who collect fat commission for selling them.
A “seg fund” is not actually a mutual fund: it’s an insurance product. That’s why they are often recommend by insurance advisors, who are often not licensed to sell other types of investments. If all you sell is hammers, every problem looks like a nail.
Seg funds come with a number of benefits that sound appealing. First, they have a maturity guarantee, which sets a minimum value for the fund after a specified period (often 10 years). In other words, if you invest your $320,000 in a seg fund with a 100% guarantee, you’d have assurance that it will be worth at least $320,000 at maturity, even if markets tank…

TORONTO — While some people may usher in the New Year by nursing their hangovers, Bruce Cartwright spends it by making a January date with his financial planner.
The 77-year-old Oakville, Ont., man says the annual appointment has been a tradition of his for the past 20 years and a way for him to keep his yearly budget in check.
“It gives me peace of mind,” said Cartwright, who still continues to work part-time in the insurance industry.
“I wanted somebody else to look over my shoulder and say ‘That’s okay or it’s not (okay) and we could do it this way.”’
Certified financial planner Cynthia Kett advises clients to do a checkup on their finances at least once a year to ensure they’re on track with their goals.

What is in a financial plan? »

January is often a good time to conduct a budget review because you’ll have the benefit of the full year’s receipts and expenses, she says.
“It’s good to review partway through the year too, because then you can take some corrective action instead of waiting until the end of the year and go ‘Oh my goodness, that was a disaster,”’ says Kett, who is also an accountant at Stewart & Kett Financial Advisors Inc…