Dealing with illness can be stressful - both financially and emotionally. Money may be the last thing on your mind, but it's important to consider your finances and plan for the future.
Getting what you’re entitled to
Finding out you have an illness can be incredibly emotional and traumatic. Be kind to yourself and make sure you seek support from family and friends.
Speak to your employer - Check with your employer to find out how much paid sick leave you are entitled to.
Speak to your insurer - Check your insurance policies to see whether they would cover your bills or replace some of your income.
Types of insurance include:
Make sure you claim as soon as you can because there is often a waiting period before the policy pays out.
Early release of superannuation
There are some very limited circumstances in which you can access your super before you retire. These situations include if you suffer incapacity, on compassionate grounds or if you have a terminal medical condition.
Government assistance
If you're unable to work because of your injury or illness or because you are caring for someone, you may be entitled to a government payment.
Getting back on track
Illnesses can have a significant impact on your finances, as you will typically have extra costs and potentially less income. When you’re ready it's important to do a stocktake of what money is coming in and what's going out.
If you or someone close to you is experiencing financial hardship or isn’t quite sure how to plan for the future due to an illness, talk to one of our Planners at Southern Advisory and they will help you create a financial plan for the future as well as determine how much you are spending and how much you can save.
If you don't have adequate insurance, you can apply for a new policy even when you’re unwell. Our Planners can assist you with obtaining cover that is right for you. Contact Us today for an obligation free consultation.
Source: www.moneysmart.gov.au
Getting what you’re entitled to
Finding out you have an illness can be incredibly emotional and traumatic. Be kind to yourself and make sure you seek support from family and friends.
Speak to your employer - Check with your employer to find out how much paid sick leave you are entitled to.
Speak to your insurer - Check your insurance policies to see whether they would cover your bills or replace some of your income.
Types of insurance include:
- Total and permanent disability (TPD) insurance - covers the costs of rehabilitation, debt repayments and the future cost of living
- Trauma / Critical illness cover - covers you for specified illnesses or injuries.
- Income protection - replaces some of your income if you can't work due to injury or sickness.
Make sure you claim as soon as you can because there is often a waiting period before the policy pays out.
Early release of superannuation
There are some very limited circumstances in which you can access your super before you retire. These situations include if you suffer incapacity, on compassionate grounds or if you have a terminal medical condition.
Government assistance
If you're unable to work because of your injury or illness or because you are caring for someone, you may be entitled to a government payment.
Getting back on track
Illnesses can have a significant impact on your finances, as you will typically have extra costs and potentially less income. When you’re ready it's important to do a stocktake of what money is coming in and what's going out.
If you or someone close to you is experiencing financial hardship or isn’t quite sure how to plan for the future due to an illness, talk to one of our Planners at Southern Advisory and they will help you create a financial plan for the future as well as determine how much you are spending and how much you can save.
If you don't have adequate insurance, you can apply for a new policy even when you’re unwell. Our Planners can assist you with obtaining cover that is right for you. Contact Us today for an obligation free consultation.
Source: www.moneysmart.gov.au
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