A serious illness, injury or health condition is often not expected and something you may not have planned for. Whilst everyone’s experience will differ, we understand the effect a major life change can have on you, and your finances. If you become a carer for a loved one, you may also need to consider the following information in preparation.
What is a serious illness?
A serious illness, health condition or injury can last anywhere from a short to long time, it has the potential to be life threatening and negatively impact a person’s daily function or quality of life.
Here are some examples of the more common serious illnesses and health conditions affecting Australians:
- Mental health conditions
- Chronic pain
- Heart, stroke and vascular disease
- Chronic obstructive pulmonary disease
- Multiple Sclerosis
- Parkinson’s Disease
- Kidney disease
Many people experience a range of difficult emotions after a serious illness diagnosis, and it can be hard to think ahead, particularly when it comes to finances. That’s why we’ve put together the below information to support you during this difficult time
Where to now after diagnosis?
Build yourself a support network
Having a support network that you can trust makes life just that little bit easier during this difficult time. It’s important that your support network has the right values and capabilities with no conflicts of interest. It’s a good idea to nominate one person within your group who you trust to speak on your behalf.
When it comes to finances, you’ll need to consider who you want as an authority to operate on your bank accounts and the types of access you may need to put into place, as we are unable to talk to someone else about your finances unless you have authorised them to do so.
How to reduce the impact on your finances
Chat to a Financial Expert
To plan for the future, it’s important to understand how a loss or decline in income, along with increased bills and costs, could affect your financial position. If you have a solicitor, accountant or registered financial planner, get in touch with them to obtain some advice around your financial position. If you are experiencing financial difficulties and want to get in touch with a financial counsellor, call the National Debt Helpline who provide a free, confidential and independent service to all Australians who want assistance managing financial difficulty. Simply call 1800 007 007 or visit the website.
We’re here to help
We’re here to help you every step of the way.
Give our friendly team a call on 1300 131 844 to discuss your personal circumstances and how we can assist and support you during this time.
You can also email us at [email protected]
National Debt Helpline
Not for profit that helps people tackle their debt problems.
Free support to help you manage any debts.
Australian Tax Office
Search this government website for helpful information about tax, superannuation and grants.
Services Australia and Centrelink
Find out what help you can get while you’re recovering from an injury or illness or when unemployed.
Helping Australians take control of their money with free tools, tips and guidance.