Dealing with illness

Dealing with illness is often unexpected and stressful. Getting emotional and financial support can help you manage.

Here, we explain how you could get additional support.

Work out your medical costs

Medicare

When managing unexpected medical costs, take some time to find out what is covered by Medicare. If you find any of the information confusing to navigate, you can call Medicare for help on 132 011.

Private Health Insurance

If you have private health insurance, contact your insurer to see what is covered, and how much of any cost will be covered. You can also learn more about private health insurance generally.

Smart Tip: The Australian Government’s Medical Costs Finder helps you find and understand costs for general practitioners (GPs) and medical specialist services across Australia.

Make a financial plan

If you need to take time off work, financial assistance may be available. You can contact us if you need to talk about your financial needs and goals

Leave from your employer

Most employees — but not casual employees — have various types of paid leave available. This includes paid sick leave and carer’s leave. You may also have some annual leave, long service leave, and compassionate leave.

If you have used up all your paid leave, you might also be able to take unpaid leave.

Government assistance

If you're a carer, you may be able to get financial assistance from Centrelink. For more information, see Carer allowance and Carer payment.

Insurance cover

Some insurance policies cover costs related to illness. Check any policies you hold. Importantly, don’t forget to check any insurance you hold through your superannuation fund – you may have insurance through your super that you weren’t aware of.

Types of insurance you may be able to claim are:

Income protection

Income protection replaces some of your income if you can't work due to injury or illness.

Trauma cover

Trauma cover covers you for specified illnesses or injuries.

Total and Permanent Disability (TPD) cover

TPD cover covers the costs of rehabilitation, debt repayments and the cost of living.

Getting your super early

In addition to insurance that you hold in your super, there are some circumstances where you can access your super, or some of your super, before retirement.

You may be able to access your super if illness or injury stops you from working.

Alternatively, you may be able to apply for compassionate release, to cover specific expenses for you or your dependant if you have no other way to pay.

This includes expenses like:

• medical treatment

• medical transport

• home modifications needed due to disability

• palliative care

• funeral costs

• mortgage payments to stop your home being sold.

Learn more about when you can access your super early.

Important: Stay away from people who say they can help you get your super early for a fee. To ask about getting your super early, you can just call your super fund yourself, for no cost.

Contact us or your super fund if you are unsure.

Get financial support

Redo your budget

Unexpected medical costs mean it’s a good idea to do a new budget. Knowing what you spend your money on can help you find any areas where you might be able to cut back, if possible. You can use our budget planner to set up a new budget.

If you're feeling overwhelmed, we can or a financial counsellor can help you manage your money during a difficult time. We can help you review your budget, your bills and your debts, and find ways to improve your situation.

Financial counselling is a free and confidential service offered by not-for-profit community organisations.

Dealing with illness can be stressful, especially when it affects you financially. We are always here to help.

Source:
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/family-and-relationships/dealing-with-illness
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