When you are seriously ill you may need to think about your financial circumstances. Modern Australian employment and retirement packages can be complex. If you are still employed, financial advice can help your decision making. If you have a spouse or dependant children, a family discussion early on can relieve fears and worries. Quite often people find that sorting out financial issues, including tax matters, reduces worry.

You do not necessarily need to stop working when diagnosed with a terminal illness. The Living Caring Working website has a page on The Workplace. For those who are not in the workforce, there are a number of financial supports available.

Superannuation, health and life insurance policies
There are different types of cover. Some superannuation schemes have a life insurance component. A number of policies, including income protection insurance allow a claim to be made when someone is seriously ill. Most companies have a person who can provide you with accurate information. Sometimes a medical assessment is required. Your doctor, or a social worker, can assist with getting these forms completed.

Financial advice
Banks have financial advisors. Many unions also have skilled advisers to help with superannuation or sick leave entitlements. Personal accountants can be an important source of advice. Many Centrelink offices have financial information services, and offer a confidential interview. If you are still employed your human resources staff can provide important and relevant information about your entitlements.

It may be important to ensure that you and your partner have dual access to bank accounts to ensure both your financial security. This can be done through an Enduring Power of Attorney. This legal option allows you to appoint someone to make financial decisions on your behalf. They can operate your bank accounts, pay your bills and sell or buy property or shares on your behalf. The CareSearch Advance Directives page has more information on state resources for Public Advocate and Public Guardian.

Financial support
The Australian Government provides financial assistance to people when they are ill, injured or have a disability. An assessment procedure is required to be undertaken through the main government agency Centrelink. Information can be obtained through the Centrelink website or by phoning 13 27 17. A booklet is available: Are you ill, injured or do you have a disability?

It describes the main features of financial support:

• A Sickness Allowance is paid on a “temporary basis to people who are employed and who are temporarily unable to work due to a medical condition”
• A Disability Support Pension is available for those who are “assessed as not being able to work 15 hours or more per week in the next 2 years or be retrained for such work within 2 years because of illness, injury, or disability”
• A Pharmaceutical Allowance can also be paid when a person receives a range of government pensions
• A Health Care Card enables health and medical services to be offered at reduced rates
• Pensioner Concession Card is available for persons receiving a range of government Pensions. It enables reduced fares for bus and rail transport, motor vehicle registration, telephone and local council rates.

 This page was created on 26 March 2007 and is due for review in March 2009