If you’re facing cancer, navigating insurance entitlements might not be on your radar.
We’ve found some resources that could help you understand the various insurance entitlements out there and how you can access them.
In fact, according to ASIC:
“Super funds typically have three types of insurance for members:
- Life insurance – pays a benefit to your beneficiaries when you die, either as a lump sum or as an income stream
- Total and permanent disability (TPD) cover – pays you a benefit if you become seriously disabled and are unlikely to ever work again
- Income protection (IP) cover – pays you an income stream for a specified period if you can’t work due to temporary disability or illness”
You can check your insurance policy by contacting your super fund and filling out a claim form where you will probably be asked for supporting evidence or documentation.
However, keep in mind if you buy health insurance after you have been diagnosed with cancer they will probably have a waiting period for a pre-existing illness. Once this period has passed, you can make a claim.
If you’re confused about what cover to get, the website privatehealth.gov.au allows you to compare cover between health funds. You can also fill out an online query or call with any questions. They provide services for hearing and speech impaired people, and non-English speakers too.
If you’re a parent of a child with cancer, and they’re listed on your health insurance policy, you should also advise your fund as soon as possible and ask how they can help.
According to Work After Cancer, if you do have income protection, it can “provide up to 85% of your usual wage and may be paid out weekly or monthly for up to 2 years (or sometimes until an individual is 60 or 65).”
However, you can only access your IPI if you plan to return to work. Also, it can involve a waiting period of up to six months. If you’re on Centrelink benefits and then start receiving IPI payments, make sure to let Centrelink know as soon as you can to avoid repaying benefits.
ASIC confirms that trauma insurance can be used for things like: