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opinion: the unseen financial reality of chronic disease
what isn’t talked about nearly enough is how the financial challenges of living with a chronic illness can be just as relentless as the physical ones
4 minute read
chronic illnesses account for almost 60 per cent of the nation’s total health spending, with recurring bills for hospitalizations, medications, and specialist care piling up year after year.
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november is crohn’s disease awareness month, a time when the conversation usually revolves around symptoms, treatments, and medical breakthroughs. but what isn’t talked about nearly enough is how the financial challenges of living with a chronic illness can be just as relentless as the physical ones. i know this firsthand—i’ve lived with crohn’s disease for most of my life. the unpredictability, flare-ups, and hospitalizations have shaped not just how i approach my health, but also how i manage my finances and prepare for the unexpected.
i learned these lessons the hard way. during one of my worst crohn’s flare-ups, i was pulled away from my business for weeks. lying in a hospital bed, the worries that kept me up weren’t just about my recovery. they were about bills piling up, clients whose needs wouldn’t wait, and a family that counted on me to keep things afloat. revenue slowed to a trickle while expenses never took a break. i quickly realized that optimism and hard work aren’t substitutes for planning. i thought i was protected—until life proved otherwise. and i know i’m not alone.
the numbers tell a sobering story about how unprepared most canadians are for the realities of chronic illness. nearly half of our population—44 to 46 per cent—live with some form of chronic or long-term disease, whether it’s diabetes, arthritis, heart disease, or a condition like mine. healthcare costs are rising faster than household incomes. over the past few years, spending has accelerated, jumping more than five per cent last year—and projections show costs are expected to rise by another 7.4 per cent next year, especially in out-of-pocket expenses and employer-sponsored health plans. chronic illnesses account for almost 60 per cent of the nation’s total health spending, with recurring bills for hospitalizations, medications, and specialist care piling up year after year.
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most families aren’t ready for this reality. nearly one-in-four canadian households can’t cover a $500 emergency. even though most of us worry about the financial risks of a serious health issue, a staggering 91 per cent of canadians don’t have critical illness insurance. for entrepreneurs—and especially those in communities like world financial group—the stakes are higher still. when your business or family depends on your single source of income, a health crisis quickly morphs into a full-blown financial emergency. direct health care costs for chronic diseases in canada are roughly $68 billion per year, which accounts for about 58 per cent of overall health-care spending. which means that for many families and entrepreneurs, those chronic disease costs aren’t just a national statistic—they become a sudden, deeply personal financial strain.
my personal journey with crohn’s forced me to confront a lot of uncomfortable questions: what if i’m unable to work for months? what would happen to my business—or my family—if the worst-case scenario became reality? could we absorb the financial hit, or would it tip us into chaos?
what i’ve learned is that the biggest threat we face isn’t market volatility—it’s the everyday unpredictability of life. a crisis doesn’t wait for your calendar to clear. resilience comes from planning before you ever need it. that’s why strengthening my emergency fund, securing the right mix of insurance, and building continuity plans for my business and household became non-negotiable. preparing for illness, i’ve discovered, is actually preparing for life.
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if my experience has taught me anything, it’s that anyone, no matter their profession, needs a more honest approach to financial preparedness. crohn’s disease awareness month isn’t just about raising medical awareness—it’s about recognizing the wider risks and building robust plans to weather them.
here’s what i recommend for anyone serious about protecting themselves and their loved ones from the financial fallout of chronic disease:
- emergency fund: build a cash buffer that covers at least three to six months of living costs—with extra for out-of-pocket medical expenses and potential income gaps.
- insurance checkup: regularly review your disability, critical illness, and health insurance policies. make sure your coverage matches your actual risks, and update it as your life changes.
- continuity planning: map out a financial continuity plan for your business and home. who takes over if you’re sidelined? how will revenue keep flowing? what systems and supports do you need?
- stress-test your finances: run scenarios for being out of commission for weeks or months. what bills and obligations will slip through the cracks? work with advisors to identify and fix those gaps before a crisis.
- get expert guidance: talk to financial professionals who understand both health and risk. they can help build a plan that’s realistic and adaptable.
- review annually: life changes. so should your preparedness. put time on your calendar for an annual review.
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crohn’s disease has taught me that uncertainty is a given—but financial devastation doesn’t have to be. the better prepared you are, the more resilient your family and your business can be, no matter when or how a health crisis hits. we can’t control the timing of a medical shock, but we can control how well we manage its financial impact.
steve holbrook is a senior executive vice chairman at world financial group, a company providing financial services via life insurance, retirement, and wealth-building strategies. he was diagnosed with crohn’s disease at a young age.
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